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:

Journalize the closing entries required to close the accounts.

Transcribed Image Text:

Fees Earned $1,150,000 Supplies Expense $ 19,300 Wages Expense Dividends Rent Expense Retained Earnings 915,000 31,900 200,000 Miscellaneous Expense 450,000