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The Retained earnings account has a credit balance of $41,000 before closing entries are made. Total revenues for the period are $59,200, total expenses are
The Retained earnings 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 dividends are $10,600. What is the correct closing entry for the revenue accounts? Multiple Choice Debit Income Summary $59,200, credit Revenue accounts $59,200. Debit Revenue accounts $59,200; credit Income Summary $59,200. 0 Debit Revenue accounts $59,200; credit Retained earnings $41,000. 0 Debit Revenue accounts $41,000; credit Retained earnings $41,000. 0 Debit Income Summary $41,000; credit Retained earnings $41,000
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