Question - Closing entries with net loss
Marina 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 Marina Services Co.
Capital Stock $101,000
Retained Earnings 380,000
Dividends $6,000
Fees Earned 217,200
Wages Expense 191,900
Rent Expense 45,500
Supplies Expense 11,300
Miscellaneous Expense 5,200
Journalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank.