Closing Entries Revenue Cost of Goods Sold Salaries Expense Depreciation Expense Dividends Beginning Retained Earnings $400,000 $250,000 $15,000 $12,500 $8,000 $57,000 1. Close revenue and expense accounts to Income Summary 2. Close Income Summary to Retained Earnings 3. Close Dividends to Retained Earning 4. Find ending Retained Earnings