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Business, 18.02.2020 19:18 arianawelsh123l

The Retained Earnings account has a credit balance of $40,000 before closing entries are made. Total revenues for the period are $58,200, total expenses are $41,300, and dividends are $10,200. What is the correct closing entry for the expense accounts?

A. Debit Income Summary $41,300; credit Expense accounts $41,300.
B. Debit Expense accounts $40,000; credit Retained Earnings $40,000.
C. Credit Expense accounts $41,300; debit Retained Earnings $41,300.
D. Debit Expense accounts $41,300; credit Income Summary $41,300.
E. Debit Income Summary $41,300; credit Retained Earnings $41,300.

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