The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. Total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000. What is the correct closing entry for the expense accounts?O a. Debit Expense accounts $37,000; credit F. Mercury, Capital $37,000.O b. Credit Expense accounts $39,800; debit F. Mercury, Capital $39,800.Oc. Debit Expense accounts $39,800; credit Income Summary $39,800.O d. Debit Income Summary $39,800; credit Expense accounts $39,800.

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Description: The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made. Total revenues for the period are $55,200, total expenses are $39,800, and withdrawals are $9,000. What is the correct closing entry for the expense acc

Expenses -An expense is the operational cost incurred by a business in order to make money. As long…

Answered: The F. Mercury, Capital accoun O a.…

Business

Accounting

The F. Mercury, Capital accoun O a. Debit Expense account O b. Credit Expense accour Oc Debit Expense accoun Od. Debit Income Summar

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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