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 expense accounts?

Multiple Choice

• Debit Expense accounts $46,300; credit Income Summary $46,300.

• Debit Income Summary $46,300; credit Retained earnings $46,300.

• Debit Income Summary $46,300; credit Expense accounts $46,300.

• Debit Expense accounts $50,000; credit Retained earnings $50,000.

• Credit Expense accounts $46,300; debit Retained earnings $46,300.