Answer:
Dr Fees earned $1,150,000
Dr Retained earnings - Bal. Fig. $16,200
(1,166,200-1150000)
Cr Rent expense 200,000
Cr Supplies expense 19,300
Cr Wages expense 915,000
Cr Miscellaneous expense 31,900
May-31
Dr Retained Earnings 5,000
Cr Dividends 5,000
Explanation:
Preparation of the closing entries required to close the accounts.
May-31
Dr Fees earned $1,150,000
Dr Retained earnings - Bal. Fig. $16,200
(1,166,200-1150000)
Cr Rent expense 200,000
Cr Supplies expense 19,300
Cr Wages expense 915,000
Cr Miscellaneous expense 31,900
(To close the Expenses )
May-31
Dr Retained Earnings 5,000
Cr Dividends 5,000
(To close the dividends )
