Closing entries
After the accounts have been adjusted at August 31, the end of the fiscal year, the following balances were taken from the ledger of Marcy Delivery Services Co.:
|
Retained Earnings |
$1,400,000 |
|
Dividends |
55,000 |
|
Fees Earned |
880,000 |
|
Wages Expense |
524,000 |
|
Rent Expense |
80,000 |
|
Supplies Expense |
16,000 |
|
Miscellaneous Expense |
9,000 |
Journalize the four entries required to close the accounts.