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".