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Question & Answer: losing Entries with Net Loss ainbow Services Co. offers its services to individuals desiring to improve their personal images. After…..

losing Entries with Net Loss ainbow Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adju August 31, the end of the fiscal year, the following balances were taken from the ledger of Rainbow Services Co. Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense $520,000 32,000 234,000 205,400 48,900 12,000 5,700 ournalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank. Aug. 31 Close revenues Aug. 31 Close expenses

losing Entries with Net Loss ainbow Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adju August 31, the end of the fiscal year, the following balances were taken from the ledger of Rainbow Services Co. Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Supplies Expense Miscellaneous Expense $520,000 32,000 234,000 205,400 48,900 12,000 5,700 ournalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank. Aug. 31 Close revenues Aug. 31 Close expenses

Expert Answer

 

credit debit
Close Revenues Fees earned 234000
Close Expenses Wages 205400
rent 48900
supplies 12000
miscellaneous 5700
Close Net Income 272000 234000
Net Income -38000
Close Dividends Dividends 32000
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