Balance Statement Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 48,000 48,000 Accounts 18,000 18,000 Receivable Supplies 6,000 6,000 Equipment 57,000 57,000 Accumulated Depr. 18,000 18,000 Accounts Payable 25,000 25,000 Wages Payable 6,000 6,000 Common Stock 30,000 30,000 Retained Earnings 3,000 3,000 Dividends 3,000 3,000 Fees Earned 155,000 155,000 Wages Expense 63,000 63,000 Rent Expense 27,000 27,000 Depreciation Expense 15,000 15,000 Totals 237,000 237,000 105,000 155,000 132,001 82,000 Net Income (Loss) 50,000 50,000 155,000 155,000 132,00 132,00 The journal entry to close revenues and expenses would involve: a. a debit to Fees Earned and credits to the expense accounts and Retained Earnings b. debits to the expense accounts and Retained Earnings and a credit to Fees Earned c. debits to Fees Earned and retained Earnings and credits to the expense accounts d. debits to the expense accounts and credits to Retained Earnings and Fees Earned MacBook