QUESTION 36 The Retained earnings account has a credit balance of $37,000 before closing entries are made. Total revenues for the period are $55,200, total expenses are $39,800, and dividends are $9,000. What is the correct closing entry for the revenue accounts? A Debit Income Summary $55,200; credit Revenue accounts $55,200. B. Debit Revenue accounts $37,000; credit Retained earnings $37,000. C. Debit Revenue accounts $55,200; credit Retained earnings $37,000. D. Debit Revenue accounts $55,200; credit Income Summary $55,200, Debit Income Summary $37.000, credit Retained earnings $37,000. QUESTION 42 A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. The company returned $275 worth of merchandise and then paid the invoice within the 2% cash discount period. The total cost of this merchandise is: A. $3,725.00 B. $3,925.00 C. $3,995.00 D. $4,000.50 E $4,075.00