The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts?
Multiple Choice
Debit Expense accounts $53,000; credit Retained earnings $53,000.
Debit Income Summary $47,800, credit Expense accounts $47,800.
Debit Income Summary $47,800; credit Retained earnings $47,800.
Credit Expense accounts $47,800, debit Retained earnings $47,800.
Debit Expense accounts $47,800; credit Income Summary $47,800.
Homework Answers
Total expenses = $47,800
Expenses have normal debit balance.
When expenses are closed to income summary at the end of the accounting period, income summary is debited and expense accounts are credited.
Second option is correct option.
All the other information given in the question is irrelevant for making closing entry for expenses.
Kindly comment if you need further assistance. Thanks‼!
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