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8 TB MC Qu. 04-109 The F. Mercury, Capital account... The F. Mercury, Capital account has a credit balance of $49,000 before closing entries are
8 TB MC Qu. 04-109 The F. Mercury, Capital account... The F. Mercury, Capital account has a credit balance of $49,000 before closing entries are made. Total revenues for the period are $67,200, total expenses are $45,800, and withdrawals are $13,800. What is the correct closing entry for the expense accounts? 8.33 points Multiple Choice eBook Print O Debit Income Summary $45,800; credit Expense accounts $45,800. References O Debit Expense accounts $49,000; credit F. Mercury, Capital $49,000. O Credit Expense accounts $45,800; debit F. Mercury, Capital $45,800. O Debit Expense accounts $45,800; credit Income Summary $45,800. O Debit Income Summary $45,800; credit F. Mercury Capital $45,800
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