The Retained earnings account has a credit balance of $47,000 before closing entries are made. Total revenues for the period are $65,200, total expenses are $44,800, and dividends are $13,000. What is the correct closing entry for the revenue accounts?
A. Debit Revenue accounts $47,000; credit Retained earnings $47,000.
B. Debit Income Summary $65,200; credit Revenue accounts $65,200.
C. Debit Income Summary $47,000; credit Retained earnings $47,000.
D. Debit Revenue accounts $65,200; credit Income Summary $65,200.
E. Debit Revenue accounts $65,200; credit Retained earnings $47,000.
Answer: D
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