Hit the "Reset Button" on journal entries In the year-end closing process, a company shows the following totals on the respective accounts: Expenses are $400,000 Revenues are $650,000 Dividends are $70,000 What are the journal entries that would "reset" the temporary accounts? If you don't remember, try to think logically and use your debit-credit rule sheet to figure out the sides. Date Accounts Debits Credits Dec 31 To close all expense accounts to Income summary Dec 31 To close all revenue accounts to Income summary Dec 31 To close Income Summary to Retained earnings Dec 31 To close Dividends to Retained earnings