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Journalize the four entries required to close the accounts

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Reference no: EM132680022

Problem - Closing entries - After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of Silver Gate Delivery Services Co.:

Retained Earnings $800,000

Dividends 125,000

Fees Earned 700,000

Wages Expense 400,000

Rent Expense 75,000

Supplies Expense 16,000

Miscellaneous Expense 5,000

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

Reference no: EM132680022

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