Closing Revenue, Expense, and Dividends
Illustrative Entries

12-31-X9	Revenues		32,800
	Income Summary			32,800
	To close the revenue account to Income Summary

12-31-X9	Income Summary		30,200
	Salaries Expense			17,000
	Advertising Expense			5,000
	Fuel Expense			2,000
	Depreciation Expense			5,000
	Interest Expense			1,200
	To close the expense accounts to Income Summary
12-31-X9	Income Summary		2,600
	Retained Earnings			2,600
	To close Income Summary to retained earnings (note that the balance is equal to the net income resulting from netting all revenues and expenses)
12-31-X9	Retained Earnings		1,000
	Dividends			1,000
	To close dividends