The Retained earnings account has a credit balance of $39,000 before closing ent

Question

The Retained earnings account has a credit balance of $39,000 before closing entries are made. Total revenues for the period are $57,200 total expenses are $A0,800, and dvidends are $9,800.What is the correct closing entry for the revenue accounts? Multiple Choice Debit Ihcome Summary $57,200, credt Revenue accounts $57,200 Debit Revenue accounts $39000 credt Retaned eamings $39.000 Debit Revenue accounns $57.200 credn Reained eamings $39000 ?Debt Revenue accorti S57200, cree hoone sumen SS7200 8

Explanation / Answer

Closing entry of revenue :

So answer is d) Debit revenue accounts $57200 and credit Income summary $57200

Date account & explanation debit credit Revenue 57200 Income summary 57200 (To close the revenue)

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