The F. Mercury, Capital account has a credit balance of $56,000 before closing entries are made. Services revenue for the period is $74,200, wages expense is $49,300, and withdrawals are $16,600. What is the correct closing entry for the revenue accounts?

Multiple Choice

Debit Income Summary $74,200; credit Services revenue $74,200.

Debit Services revenue $56,000; credit F. Mercury, Capital $56,000.

Debit Services revenue $74,200; credit F. Mercury, Capital $56,000.

Debit Services revenue $74,200; credit Income Summary $74,200.

Debit Income Summary $56,000; credit F. Mercury Capital $56,000.