Closing Process Illustrated 34 Dec. 31 12,200 Sales revenue Retained earnings To close the revenue accounts. 12,200 Dec. 31 4.350 2,500 1,000 Retained earnings Cost of goods sold Wages expense Rent expense Depreciation expense Interest expense To close the expense accounts. 500 250 100 Com Closing Process Illustrated 34 Dec. 31 12,200 Sales revenue Retained earnings To close the revenue accounts. 12,200 Dec. 31 4.350 2,500 1,000 Retained earnings Cost of goods sold Wages expense Rent expense Depreciation expense Interest expense To close the expense accounts. 500 250 100 Com