Question
The Retained earnings account has a credit balance of $50,000 before closing entries are made. Total revenues for the period are $68,200, total expenses
The Retained earnings account has a credit balance of $50,000 before closing entries are made. Total revenues for the period are $68,200, total expenses are $46,300, and dividends are $14,200. What is the correct closing entry for the revenue accounts? Multiple Choice Debit Income Summary $68,200, credit Revenue accounts $68,200 Debit Income Summary $50,000: credit Retained earings $50,000 Debit Revenue accounts $68,200, credit Income Summary $68,200. Debit Revenue accounts $68.200; credit Retained earnings $50,000. Debit Revenue accounts $50,000, credit Retained earnings $50,000
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