Closing entries
After the accounts have been adjusted at August 31, the end of the fiscal year, the following balances were taken from the ledger of Marcy Delivery Services Co.:
| Retained Earnings | $1,400,000 |
| Dividends | 55,000 |
| Fees Earned | 880,000 |
| Wages Expense | 524,000 |
| Rent Expense | 80,000 |
| Supplies Expense | 16,000 |
| Miscellaneous Expense | 9,000 |
Journalize the four entries required to close the accounts.
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