The Retained Earnings account has a credit balance of $57,000 before closing ent

Question

The Retained Earnings account has a credit balance of $57,000 before closing entries are made. Total revenues for the period are $75,200, total expenses are $49,800, and dividends are $17,000. What is the correct closing entry for the expense accounts?

The Retained Earnings account has a credit balance of $57,000 before closing entries are made. Total revenues for the period are $75,200, total expenses are $49,800, and dividends are $17,000. What is the correct closing entry for the expense accounts?

Explanation / Answer

What is the correct closing entry for the expense accounts?  

Income Summary DR 49800

Expenses CR 49800

Income Summary DR 49800

Expenses CR 49800

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