Image Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at January 31, the end of the fiscal year, the following balances were taken from the ledger of Image Services Co.:
Perform the closing process for (a) revenues, (b) expenses, and (c) dividends. Indicate each account closed, whether the account is increased or decreased, and the amount of the increase or decrease. Close all expenses with one transfer to retained earnings.