The F. Mercury, Capital account has a credit balance of $43,000 before closing entries are made. Total revenues for the period are $61,200, total expenses are $42,800, and withdrawals are $11,400. Required:
What is the correct closing entry for the revenue accounts?

Dr Revenue accounts $61,200

Cr Income Summary $61,200

Explanation:

Based on the information given we were told that the Total revenues for the period was the amount of $61,200 which means that the correct closing Journal entry for the revenue accounts will be to Debit Revenue accounts with the amount of $61,200 and to credit Income Summary with the same amount of $61,200.

Dr Revenue accounts $61,200

Cr Income Summary $61,200

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