TB MC Qu. 04-109 The F. Mercury, Capital account...

The F. Mercury, Capital account has a credit balance of $41,000 before closing entries are made. Total revenues for the period are $59,200, total expenses are $41,800, and withdrawals are $10,600. What is the correct closing entry for the expense accounts?

Multiple Choice

• Debit Income Summary $41,800; credit Expense accounts $41,800.

• Debit Expense accounts $41,000; credit F. Mercury, Capital $41,000.

• Credit Expense accounts $41,800; debit F. Mercury, Capital $41,800.

• Debit Expense accounts $41,800; credit Income Summary $41,800.

• Debit Income Summary $41,800; credit F. Mercury Capital $41,800.