The Retained earnings account has a credit balance of $39,000 before closing entries are made. Total revenues for the period are $57,200, total expenses are $40,800, and dividends are $9800. What is the correct closing entry for the expense accounts? Debit Expense accounts $39,000; credit Retained earnings $39,000. Debit Expense accounts $40,800; credit Income Summary $40,800. Debit Income Summary $40,800; credit Expense accounts $40,800. Credit Expense accounts $40,800; debit Retained earnings $40,800. Debit Income Summary $40,800; credit Retained earnings $40,800.