Perform the closing process for (a) revenues, (b) expenses, and (c) dividends. Indicate each account…

Image Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at January 31, the end of the fiscal year, the following balances were taken from the ledger of Image Services Co.:

Retained Earnings

$325,750

Rent Expense

$74,000

Dividends

45,000

Supplies Expense

15,500

Fees Earned

380,700

Miscellaneous Expense

4,500

Wages Expense

205,300

 

 

Perform the closing process for (a) revenues, (b) expenses, and (c) dividends. Indicate each account closed, whether the account is increased or decreased, and the amount of the increase or decrease. Close all expenses with one transfer to retained earnings.

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