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 $40,800, and dividends are $9800. What is the correct closing entry for the revenue accounts?
A. Debit Income Summary $39,000; credit Retained earnings $39,000.
B. Debit Revenue accounts $57,200; credit Retained earnings $39,000.
C. Debit Revenue accounts $57,200; credit Income Summary $57,200.
D. Debit Income Summary $57,200; credit Revenue accounts $57,200.
E. Debit Revenue accounts $39,000; credit Retained earnings $39,000.
Answer: C
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