The Retained earnings account has a credit balance of $$55,000$ before closing entries are made. Services revenue for the period is $$73,200,$ wages expense is $$48,800,$ and dividends are $$16,200.$ What is the correct closing entry for the revenue accounts?

Multiple Choice

Debit Income Summary $$73,200$; credit Services Revenue $$73,200$

Debit Income Summary $$55,000$; credit Retained Earnings $$55,000.$

Debit Services Revenue $$73,200$; credit Income Summary $$73,200$

Debit Services Revenue $$55,000$; credit Retained Earnings $$55,000.$

Debit Services Revenue $$73,200$; credit Retained Earnings $$55,000$