Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $193,500 and a credit of $259,300. At the same date, Retained Eamings has a credit balance of $300,000, and Dividends has a balance of $25,200. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1. Income Summary Retained Earnings Retained Earnings 2. Dividends Feedback b. Determine the amount of Retained Earnings at the end of the period. Feedback Check My Work Earnings can be determined by the following equation: Ending Retained Earnings = Beginning Retained Earnings + Investments + Net Income b. Similar to the Statement of Retained Earnings, the amount of Dividends. Leaming Objective 3. Feedback