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Journalize the four entries required to close the accounts

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Question - Closing Entries with Net Loss

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            $520,000

Dividends                        32,000

Fees Earned                     234,000

Wages Expense                205,400

Rent Expense                   48,900

Supplies Expense              12,000

Miscellaneous Expense      5,700

Journalize the four entries required to close the accounts. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

Reference no: EM131811656

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