I\'m having trouble answering this question . The Retained earnings account has

Question

I'm having trouble answering this question . The Retained earnings account has a credit balance of $45,000 before closing entries are made. Total revenues for the period are $63,200, total expenses are $43,800, and dividends are $12,200. What is the correct closing entry for the revenue accounts? Multiple Choice Debit Income Summary $63,200; credit Revenue accounts $63,200. Debit Revenue accounts $45,000; credit Retained earnings $45,000. Debit Revenue accounts $63,200; credit Retained earnings $45,000. Debit Revenue accounts $63,200; credit Income Summary $63,200. Debit Income Summary $45,000; credit Retained earnings $45,000.

Explanation / Answer

Debit Revenue accounts $63,200 Credit Income Summary $63,200

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.