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The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice points (8 01:48:31 O Debit Expense accounts $53,000; credit Retained earnings $53,000. O Debit Income Summary $47,800, credit Expense accounts $47,800. O Debit Income Summary $47,800; credit Retained earnings $47,800. O Credit Expense accounts $47,800, debit Retained earnings $47,800. O Debit Expense accounts $47,800; credit Income Summary $47,800
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