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:

Line Item Description Amount

Fees Earned $$171,000$

Dividends $24,000$

Rent Expense $35,700$

Retained Earnings $380,000$

Supplies Expense $8,700$

Wages Expense $150,100$

Miscellaneous Expense $4,200$

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

DateAccountDebitCredit

May $31$

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:

Line Item Description Amount

Fees Earned $$171,000$

Dividends $24,000$

Rent Expense $35,700$

Retained Earnings $380,000$

Supplies Expense $8,700$

Wages Expense $150,100$

Miscellaneous Expense $4,200$

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

DateAccountDebitCredit

May $31$

May $31$