- Closing entries Help Seven Sub Check my work Exercise 5.7 Closing Entries of a profitable Company (L05-2, LO5-4) Gerdes Psychological Services, Inc. closes its temporary accounts once each year on December 31 The company recent following income statement as part of its annual report $ 330,000 GEROES PSYCHOLOGICAL SERVICES, INC. Income statement for the year ended December 31, current year Revenues Counseling revenue Expenses Advertising expense $ 1.500 Solaries expense 99.000 Office Supplies Expense Utilities expense 000 Malpractice Insurance expense Officerent expense 25. Continuing education expense Depreciation Stixtures 5.00 Miscellaneous pense Net Inco cerdas dec o r The firm's statement of retained earnings indicates that a 58.000 cash e P ecessa Retained in contrada 593 000 bancono bif the