01-03) Help Save&Exit; Submit The Retained earnings account has a credit balance

Question

01-03) Help Save&Exit; Submit The Retained earnings account has a credit balance of $47000 before closing entries are made Total revenues for the penod are $65,200 total expenses are $44,800, and dividends are $13,000 What is the correct closing entry for the expense accounts? Mutiple Choice Debit Income Summary $44 800 credt Expense accounts $44 800o Debt Expense accounts $47000 credt Reteined eamings $47.000 Credit Expense accounts 544 800 deb ned ei $44 800 Debt Expense accouns 544 800 crme Sy 544.800 8 R T Y UOP ? WE

Explanation / Answer

Closing entry for expense account will be Dr CR income summary 44,800 expense account 44,800 hence correct option is option 1 debit income summary $44,800 credit expense account $44,800

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