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What is the correct closing entry for the expense accounts

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Question - 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 expense accounts?

Credit Expense accounts $44,800; debit Retained earnings $44,800.

Debit Income Summary $44,800; credit Retained earnings $44,800.

Debit Expense accounts $44,800; credit Income Summary $44,800.

Debit Income Summary $44,800; credit Expense accounts $44,800.

Debit Expense accounts $47,000; credit Retained earnings $47,000.

Reference no: EM133169040

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