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The Retained earnings account has a credit balance of $51,000 before closing entries are made. Services revenue for the period is $69,200, wages expense is
The Retained earnings account has a credit balance of $51,000 before closing entries are made. Services revenue for the period is $69,200, wages expense is $46,800, and dividends are $14,600. What is the correct closing entry for the revenue accounts?Multiple ChoiceDebit Services Revenue $69,200; credit Income Summary $69,200.Debit Services Revenue $51,000; credit Retained Earnings $51,000.Debit Income Summary $69,200; credit Services Revenue $69,200.Debit Income Summary $51,000; credit Retained Earnings $51,000.Debit Services Revenue $69,200; credit Retained Earnings $51,000.
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