Hw: Closing temporary accounts homework Here is a list of all revenues, expenses and dividend paid during the period 1- Consulting revenue, individual clients ........... 25,000 Corporate clients...........175,000 A- Close the Reveue accounts to Income Summary 2- Expenses; Advertising 16,000 Depreciation; computers 20,000 Rent 9,600 Office supplies 4,400 Travel 16,000 Utilities 3,300 Telephone and internet 1,700 Salaries 90,000 B-CLOSE EXPENSE ACCOUNTS TO INCOME SUMMARY 3- TO CLOSE INCOME SUMMARY ACCOUNT, TO TRANSFER A NET profit or loss FOR THE PERIOD TO RETAINED EARNIGS 4- Dividends paid 30,000 C- TO CLOSE DIVIDNEDS TO RETAINED EARNINGS, 5- RETAINED EARNINGS ON 1jan. 2011 110,000 CALCULATE THE CLOSING BAL OF RET.EARNINGS on 31 dec 2011