The F. Mercury, Capital account has a credit balance of $49,000 before closing entries are made. Total revenues for the period are $67,200, total expenses are $45,800, and withdrawals are $13,800. What is the correct closing entry for the expense accounts? Multiple Choice

Debit Income Summary $45,800; credit Expense accounts $45,800.

Debit Expense accounts $49,000; credit F. Mercury, Capital $49,000.

Credit Expense accounts $45,800; debit F. Mercury, Capital $45,800.

Debit Expense accounts $45,800; credit Income Summary $45,800.

Debit Income Summary $45,800; credit F. Mercury Capital $45,800.