If the expenses on 31 Dec are the following (wages expense = $2,000, rent expense = $500 and advertising expense is $200), given the required closing entry for expenses.

Group of answer choices

31 Dec Dr income summary $2700, Cr wages expense $2000, rent expense $500 and advertising expense $200

31 Dec Dr Cash $2,700, Cr wages expense = $2,000, rent expense = $500 and advertising expense is $200

31 Dec Dr wages expense = $2,000, rent expense = $500 and advertising expense is $200, Cr cash $2,700

31 Dec No entry is needed

31 Dec Dr = Cr Rev = Exp