(Answered) Question - closing entries with net lossimex services co

Accounting

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".

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