The F. Mercury, Capital 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 withdrawals 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 $55,200; credit Income Summary $55,200.
C. Debit Revenue accounts $55,200; credit F. Mercury, Capital $37,000.
D. Debit Revenue accounts $37,000; credit F. Mercury, Capital $37,000.
E. Debit Income Summary $37,000; credit F. Mercury Capital $37,000.
Answer: B
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