Date Accounts and Explanation Dec. 31 Service Revenue Clos. (1) Income Summary To close revenues Close expenses for the period. Date Accounts and Explanation Dec. 31 Income Summary Clos. (2) Insurance Expense Salaries Expense Supplies Expense Utilities Expense Depreciation Expense-Equipment Depreciation Expense-Building To close expenses Close Income Summary. Date Accounts and Explanation Dec. 31 Income Summary Clos. (3) Retained Earnings To close Income Summary Close Dividends. Debit 97,000 Debit 94,625 Debit 2,375 Credit 97,000 Credit 30,000 41,000 1,200 15,000 7,000 425 Credit 2,375