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Journalize the four entries required to close the accounts

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

Retained Earnings

$300,000

 

Rent Expense

$40,000

Dividends

15,000

 

Supplies Expense

20,000

Fees Earned

180,000

 

Miscellaneous Expense

7,500

Wages Expense

90,000

 

Required - Journalize the four entries required to close the accounts.

Reference no: EM132680078

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