Automation Services Co. offers its services to companies desiring to use technology to improve their operations. After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Automation Services: Fees Earned $614,500 Dividends 45,000 Rent Expense 140,000 Retained Earnings 3,250,000 Supplies Expense 18,200 Wages Expense 320,000 Miscellaneous Expense 8,700   Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Automation Services Co. offers its services to companies desiring to use technology to improve their operations. After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Automation Services:
Fees Earned $614,500
Dividends 45,000
Rent Expense 140,000
Retained Earnings 3,250,000
Supplies Expense 18,200
Wages Expense 320,000
Miscellaneous Expense 8,700
 
Journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.
 
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