Question

Closing Entries with Net Loss Summit Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at May 31, the end of the fiscal year, the following balances were taken from the ledger of Summit Services: Fees Eamed $175,000 Dividends 24,000 Rent Expense 36.700 Retained Earnings 390,000 Supplies Expense 9,000 Wages Expense 154,100 Miscellaneous Expense 4,300 Journalize the closing entries required to close the accounts. If an amount box does not require an entry, leave it blank. May 31 Fees Earned Retained Earnings Wages Expense Rent Expense Supplies Expense Miscellaneous Expense JO 00 My work Previous Next > Ak saved Save and Submit Assignment for Grading 91 tv A MacBook Air 000 FS V $11 13 A $ 4 % 5 * 6 7 8 9 0 R. T Y U O P: F G H J к

Answer 1

Date	Accounting titles and Explanations	Debit (in $ )	Credit (in $ )
May-31	Fees earned	$ 176,000
	Retained earnings - Bal. Fig.	$ 28,100
	Rent expense		$ 36,700
	Supplies expense		$ 9,000
	Wages expense		$ 154,100
	Miscellaneous expense		$ 4,300
	(To close the Expenses )
May-31	Retained Earnings	$ 24,000
	Dividends		$ 24,000
	(To close the dividends )