Closing Entries with Net Loss

Summit Services $C0.$ 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 Earned

Dividends

$$198,000$

Rent Expense

$27,000$

$41,400$

Retained Earnings

$440,000$

Supplies Expense

$10,100$

Wages Expense

$173,800$

Miscellaneous Expense

$4,800$

Journalize the closing entries required to close the accounts. If an amount box does not require an entry, leave it blank.

May $31$

May $31$