For 2018, Broadview Company had revenues in excess of expenses. Which statement describes Broadview’s closing entries at the end of 2018? (Assume there is only one closing entry for both revenue and expenses.)
a. Revenues will be credited, expenses will be debited, and retained earnings will be credited.
b. Revenues will be debited, expenses will be credited, and retained earnings will be debited.
c. Revenues will be credited, expenses will be debited, and retained earnings will be debited.
d. Revenues will be debited, expenses will be credited, and retained earnings will be credited.