Question

im not sure about my selections and numbers that I plugged in, just ignore please

Closing Entries After the accounts have been adjusted at May 31, the end of the fiscal year, the following balances were taken from the ledger of Bollinger Services Co.: Retained Earnings $441,180 Dividends 30,000 Fees Earned 502,350 342,000 Wages Expense Rent Expense Supplies Expense 82,100 30,780 Miscellaneous Expense 10,260 Journalize the two entries required to close the accounts. If an amount box does not require an entry, leave it blank. Nov. 30 Cash 42,500 Accounts Receivable 42,500 Accounts Payable Nov. 30 Fees Earned II

Answer 1

Journal

Date	Account Title and Explanation	Debit	Credit
Nov 30	Fee earned	502,350
	Wages expense		342,000
	Rent expense		82,100
	Supplies expense		30,780
	Miscellaneous expense		10,260
	Retained earnings		37,210
	(To close revenue and expenditure)
Nov 30	Retained earnings	30,000
	Dividends		30,000
	(To close dividends)

Income statement

Revenues:
Fee earned		502,350
Expenses:
Wages expense	342,000
Rent expense	82,100
Supplies expense	30,780
Miscellaneous expense	10,260
Total expenses		-465,000
Net income		$37,210