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7 TB MC Qu. 04-108 The F. Mercury, Capital account... The F. Mercury, Capital account has a credit balance of $38,000 before closing entries are
7 TB MC Qu. 04-108 The F. Mercury, Capital account... The F. Mercury, Capital account has a credit balance of $38,000 before closing entries are made. Total revenues for the period are $56,200, total expenses are $40,300, and withdrawals are $9,400. What is the correct closing entry for the revenue accounts? 8.33 points Multiple Choice eBook Print O Debit Income Summary $56,200; credit Revenue accounts $56,200. References O Debit Revenue accounts $38,000; credit F. Mercury, Capital $38,000. O Debit Revenue accounts $56,200; credit F. Mercury, Capital $38,000. O Debit Revenue accounts $56,200; credit Income Summary $56,200. O Debit Income Summary $38,000; credit F. Mercury Capital $38,000
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