TB MC Qu. 04-109 (Algo) The F. Mercury, Capital account has s credit...

The F. Mercury, Capital account has a credit balance of $53,000 before closing entries are made. Services revenue for the period is $71,200, wages expense is $47,800, and withdrawals are $15,400. What is the correct closing entry for the expense accounts?

Multiple Choice

• Debit Income Summary $47,800; credit Wages expense $47,800.

• Debit Wages expense $53,000; credit F. Mercury, Capital $53,000.

• Debit F. Mercury, Withdrawals accounts $47,800; credit Wages expense $47,800.

• Debit Wages expense $47,800; credit Income Summary $47,800.

• Debit Income Summary $47,800; credit F. Mercury Capital $47,800.