Finley Company End-of-Period Spreadsheet For the Year Ended December 31
	Adjusted Trial Balance		Income Statement		Balance Sheet
Account Title	Debit	Credit	Debit	Credit	Debit	Credit
Cash	16,000				16,000
Accounts Receivable	6,000				6,000
Supplies	2,000				2,000
Equipment	19,000				19,000
Accumulated Depr.		6,000				6,000
Accounts Payable		10,000				10,000
Wages Payable		2,000				2,000
Common Stock		5,000				5,000
Retained Earnings		11,032				11,032
Dividends	1,000				1,000
Fees Earned		41,942		41,942
Wages Expense	21,175		21,175
Rent Expense	6,327		6,327
Depreciation Expense	4,472		4,472
Totals	75,974	75,974	31,974	41,942	44,000	34,032
Net Income (Loss)			9,968			9,968
			41,942	41,942	44,000	44,000

The journal entry to close revenues and expenses would involve:

a.debits to Fees Earned and Retained Earnings and credits to the expense accounts

b.debits to the expense accounts and credits to Retained Earnings and Fees Earned

c.debits to the expense accounts and Retained Earnings and a credit to Fees Earned

d.a debit to Fees Earned and credits to the expense accounts and Retained Earnings