The text author describes a commonly used procedure for closing the accounts. Which of the following statements related to closing the accounts is false? Group of answer choices Revenues and expenses are closed into the Income Summary account. After closing the revenue and expense accounts, the balance of the Income Summary account is equal zero. Revenue, expenses, and dividends are cleared so they are ready to accumulate the business activities of the next accounting period. The balance of the dividends account is closed to the Retained Earnings account.