Need help finding retained earning for this closing entries with net loss question?

Journalize the closing entries required to close the accounts. If an amount box does not require an entry, leave it blank.

Fees Earned $257,000

Dividends 35,000

Rent Expense 53,600

Retained Earnings 570,000

Supplies Expense 13,100

Wages Expense 225,200

Miscellaneous Expense 6,300

I understand how to close expenses, revenue, and dividends into debit/credit but the retained earning section has been throwing me off. Am I supposed to add/subtract the retained earning to expenses and revenues?

Update:

if you can explain this can you?

2 Answers

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  • 1 month ago

    The temporary accounts are closed directly to the retained earnings account or via and income summary account.

    DR: Fees Earned $257,000

    CR:Dividends 35,000 

    CR: Rent Expense 53,600 

    CR: Supplies Expense 13,100 

    CR: Wages Expense 225,200 

    CR: Miscellaneous Expense 6,300

    DR Retained Earnings 76,200

    Balance on retained earnings = 570000 - 76200 = 493800

  • Anonymous
    1 month ago

    So many dishonest cheaters

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