EX 4-17 Closing entries with net loss
Imex Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at March 31, the end of the fiscal year, the following balances were taken from the ledger of Imex Services Co.
| Margo Hoskins, Capital | $300,000 | Rent Expense | $40,000 |
| Margo Hoskins, Drawing | 15,000 | Supplies Expense | 20,000 |
| Fees Earned | 180,000 | Miscellaneous Expense | 7,500 |
| Wages Expense | 90,000 |
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