The steps in the closing process are
(1) close credit balances in revenue accounts to income summary;
(2) close debit balances in expense accounts to income summary;
(3) close income summary to retained earnings;
(4) close dividends to retained earnings.

The closing process are done in the following four steps;

1.Closing the revenue accounts.

2.Closing the expense accounts.

3.Closing the Income Summary account

4.Closing the Dividends account

Explanation:

The first step, which is closing of the revenue account, involves the movement of the credit balances to the income summary from the revenue accounts.  In the second step, the closing of the expense account, we move the debit balances to the income summary. The balance found in the income summary account are moved to the retained earnings account as the third step, which is the Closing the Income Summary account. In the fourth step, the dividend accounts are close by transferring debit balances in the dividend to retained earnings.