Assuming that expenses exceed revenues, which of the following correctly indicates the structure of the journal entry that is used to close revenue and expense accounts?

Multiple Choice

• Debit Retained Earnings, debit Expenses, and credit Revenues.

• Debit Revenues, debit Retained Earnings, and credit Expenses.

• Debit Revenues, debit Expenses, and credit Retained Earnings.

• Debit Expenses, credit Revenues, and credit Retained Earnings.