The answer is B, but can you please explain in detail why you debit revenue, and why you credit expense and retained earnings. Thank you so much I will give good rating for explanation

UUIU UCSI La N AMA | || 1A BI Ube XX? || ALASSES ndate To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Office to Create and Edit Buy Office or sign in to activate Office if you've already bought it. D) service charges. 16) Your company has the following balances on December 31 prior to closing entries: Revenues Retained Earnings, Jan. 1 Cash Expenses Accounts Payable Dividends Supplies $35,000 10,000 7,000 23,000 4.000 1,000 18,000 Based upon the balances above, what is the journal entry you would do to close out the temporary accounts? In other words what is the closing entry? A) DR Expenses $23,000; CR Revenues $35,000; CR Retained Earnings $12,000 B) DR Revenues $35,000; CR Expenses $23,000; CR Retained Earnings $12,000. C) DR Revenues $35,000; DR Expenses $23,000; CR Retained Earnings $12,000 D) DR Retained Earnings $12,000; CR Revenues $35.000; CR Expenses $23,000 12 17) Cash and Cash Equivalents on the balance sheet represent 1696 words Of English (United States Focus- rivo. Hoya easy to transfer ownership Cons: harder to set up