Summit Services Co. offers its services to individuals desiring to improve their personal images. After the...

 

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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 Earned Dylan Jaffe, Capital Dylan Jaffe, Drawing $1,150,000 450,000 5,000 Supplies Expense Wages Expense $ 19,300 915,000 Miscellaneous Expense 31,900 Rent Expense 200,000 Journalize the closing entries required to close the accounts. 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 Earned Dylan Jaffe, Capital Dylan Jaffe, Drawing $1,150,000 450,000 5,000 Supplies Expense Wages Expense $ 19,300 915,000 Miscellaneous Expense 31,900 Rent Expense 200,000 Journalize the closing entries required to close the accounts.