The Retained earnings account...

The Retained earnings account has a credit balance of $43,000 before closing entries are made. Total revenues for the period are $61,200, total expenses are $42,800, and dividends are $11,400. What is the correct closing entry for the revenue accounts?

Multiple Choice

• Debit Income Summary $61,200; credit Revenue accounts $61,200.

• Debit Revenue accounts $43,000; credit Retained earnings $43,000.

• Debit Revenue accounts $61,200; credit Retained earnings $43,000.

• Debit Revenue accounts $61,200; credit Income Summary $61,200.

• Debit Income Summary $43,000; credit Retained earnings $43,000.