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 $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings at the end of the period. Identifying Permanent Accounts Which of the following accounts will usually appear in the post-closing trial balance? a. Accounts Payable b. Accumulated Depreciation c. Cash d. Common Stock e. Dividends f. Depreciation Expense g. Fees Earned h. Office Equipment i. Salaries Expense j. Salaries Payable k. Supplies