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Journalize the two entries required to close the accounts

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Reference no: EM132748493

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

Retained Earnings $3,550,000

Dividends 40,000

Fees Earned 1,145,000

Wages Expense 740,000

Rent Expense 65,000

Supplies Expense 14,750

Miscellaneous Expense 8,800

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

Reference no: EM132748493

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