Closing Entries After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Haverty Services Co.: Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense $491,040 28,000 528,640 341,000 81,800 30,690 10,230 Journalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank. uly 31 Close revenues July 31 Close expenses
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Jul-31 | Fees earned | 528640 | |
Income Summary | 528640 | ||
Jul-31 | Income Summary | 463720 | |
Wages expense | 341000 | ||
Rent expense | 81800 | ||
Supplies expense | 30690 | ||
Miscellaneous expense | 10230 | ||
Jul-31 | Income Summary | 64920 | |
Retained earnings | 64920 | ||
Jul-31 | Retained earnings | 28000 | |
Dividends | 28000 |