Each of the following accounts is closed to Income Summary except Question 12 options: a. Expenses. b. Dividends. c. Revenues. d. All of these are closed to Income Summary.

D) All of these are closed to Income Summary.

Explanation:

The income summary closes revenue accounts, expenses accounts and dividend accounts. It does not close assets, liabilities, and equity accounts. The process is done basically by transferring the credit balances of the revenue accounts and the debit balances of the expenses and dividends accounts to a clearing account called income summary. This way, revenue, expenses and dividend accounts all have $0 balances.