Journalize the four entries required to close the accounts

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Reference no: EM132659626

Rainbow Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at August 31, the end of the fiscal year, the following balances were taken from the ledger of Rainbow Services Co.

Retained Earnings$520,000

Dividends32,000

Fees Earned234,000

Wages Expense205,400

Rent Expense48,900

Supplies Expense12,000

Miscellaneous Expense5,700

Problem 1: Journalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank.

Aug. 31 Close revenues
Aug. 31 Close expenses
Aug. 31 Close net income/net loss
Aug. 31 Close dividends

Reference no: EM132659626

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