The Retained earnings account has a credit balance of $37,000 before closing entries are made. Total revenues for the period are $55,200, total expenses are $39,800, and dividends are $9,000. What is the correct closing entry for the revenue accounts?
A) Debit Income Summary $55,200; credit Revenue accounts $55,200.
B) Debit Revenue accounts $37,000; credit Retained earnings $37,000.
C) Debit Revenue accounts $55,200; credit Retained earnings $37,000.
D) Debit Revenue accounts $55,200; credit Income Summary $55,200.
E) Debit Income Summary $37,000; credit Retained earnings $37,000.
D) Debit Revenue accounts $55,200; credit Income Summary $55,200.
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