Rainbow Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at August 31, the end of the fiscal year, the following balances were taken from the ledger of Rainbow Services Co.: Retained Earnings $570,000
Dividends 35,000
Fees Earned 257,000
Wages Expense 225,200
Rent Expense 53,600
Supplies Expense 13,100
Miscellaneous Expense 6,300
Required:
Journalize the four entries required to close the accounts.
a) Aug. 31 Close revenues
b) Aug. 31 Close expenses
c) Aug. 31 Close net income/net loss
d) Aug. 31 Close dividends