Closing entries with net loss
Grande Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Grande Services Co.
|
Retained Earnings |
$842,500 |
Rent Expense |
$54,000 |
|
Dividends |
45,000 |
Supplies Expense |
14,300 |
|
Fees Earned |
337,900 |
Miscellaneous Expense |
16,200 |
|
Wages Expense |
277,500 |
Journalize the four entries required to close the accounts.