The Retained earnings account has a credit balance of $55,000 before closing entries are made. Total revenues for the period are $73,200, total expenses are $48,800, and dividends are $16,200. What is the correct closing entry for the expense accounts? Multiple Choice Credit Expense accounts $48,800; debit Retained earnings $48,800 Debit Income Summary $48,800; credit Retained earnings $48,800. Debit Expense accounts $48,800, credit Income Summary $48,800 Debit Expense accounts $55,000 credit Retained earnings $55,000 Debit income Summary $48,800, credit Expense accounts $48,800