TB MC Qu. 04-108 The F. Mercury, Capital account...

The F. Mercury, Capital account has a credit balance of $38,000 before closing entries are made. Total revenues for the period are $56,200, total expenses are $40,300, and withdrawals are $9,400. What is the correct closing entry for the revenue accounts?

Multiple Choice

• Debit Income Summary $56,200; credit Revenue accounts $56,200.

• Debit Revenue accounts $38,000; credit F. Mercury, Capital $38,000.

• Debit Revenue accounts $56,200; credit F. Mercury, Capital $38,000.

• Debit Revenue accounts $56,200; credit Income Summary $56,200.

• Debit Income Summary $38,000; credit F. Mercury Capital $38,000.