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Closing Entries After the accounts have been adjusted at May 31, the end of the fiscal...

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 Beautifying Landscaping Co.: Retained Earnings $574,570 Dividends 27,000 Fees Earned 684,490 Wages Expense 445,400 Rent Expense 106,900 Supplies Expense 40,085 Miscellaneous Expense 13,360 Journalize the two entries required to close the accounts. If an amount box does not require an entry, leave it blank.

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Answer #1
Closing entries
S.no. Accounts title and explanations Debit $ Credit $
a. Fees earned 684490
      Wages expense 445400
      Rent expense 106900
      Supplies expense 40085
      Misc. expenses 13360
      Retained earnings 78745
(for closing the revenues and expenses)
b. Retained earnings 27000
      Dividend 27000
(for closing the dividend account)
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