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

Journalize the four entries required to close the accounts.

Answer:
Mar. 31 Fees Earned ........................................................ 180,000
                             Income Summary........................................... 180,000
 31 Income Summary................................................ 157,500
                       Wages Expense ............................................. 90,000
                       Rent Expense................................................. 40,000
                         Supplies Expense.......................................... 20,000
                          Miscellaneous Expense ................................ 7,500
 31 Margo Hoskins, Capital...................................... 22,500
                             Income Summary........................................... 22,500
 31 Margo Hoskins, Capital...................................... 15,000
                            Margo Hoskins, Drawing............................... 15,000