the end of a financial period are: Revenues Expenses Dividends The account balances for Revenues and Expenses are closed to an account called Income Summary. The account balance for Income Summary is closed to Retained Earnings. Dividends is closed straight to Retained Earnings. Adjusted Trial Balance Close Revenues to Income Summary. Step 1. Close Expenses to Income Summary. Step 2. Close Net Income to Retained Earnings. Step 3. Close Dividends to Retained Earnings Step 4. Closing Trial Balance