Rainbow Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at August 31, the end of the fiscal year, the following balances were taken from the ledger of Rainbow Services:Retained Earnings$882,000Dividends16,400Fees Earned521,700Wages Expense475,600Rent Expense66,500Supplies Expense12,000Miscellaneous Expense13,250 Journalize the four entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles.CHART OF ACCOUNTSRainbow Services Co.General Ledger ASSETS11Cash12Accounts Receivable13Prepaid Rent14Supplies LIABILITIES21Accounts Payable22Wages Payable23Unearned Fees EQUITY31Common Stock32Retained Earnings33Dividends34Income Summary REVENUE41Fees Earned EXPENSES51Wages Expense52Rent Expense53Supplies Expense54Miscellaneous Expense Journalize the four entries required to ciose the accounts. Refer to the Chart of Accounts for exact woraing of account tiies.PAGE 11JOURNALACCOUNTING EQUATIONDATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITYClosing Entries111

Answered: Rainbow Services Co. offers its…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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

Retained Earnings	$882,000
Dividends	16,400
Fees Earned	521,700
Wages Expense	475,600
Rent Expense	66,500
Supplies Expense	12,000
Miscellaneous Expense	13,250

Journalize the four entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

Rainbow Services Co.

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Prepaid Rent
14	Supplies

	LIABILITIES
21	Accounts Payable
22	Wages Payable
23	Unearned Fees

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends
34	Income Summary

	REVENUE
41	Fees Earned

	EXPENSES
51	Wages Expense
52	Rent Expense
53	Supplies Expense
54	Miscellaneous Expense

Journalize the four entries required to ciose the accounts. Refer to the Chart of Accounts for exact woraing of account tiies.
PAGE 11
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
Closing Entries
1
11

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