The Retained Earnings Account Has a Credit Balance of $37,000

Multiple Choice

The Retained Earnings 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 dividends are $9,000. What is the correct closing entry for the expense accounts?

A) Debit Income Summary $39,800; credit Expense accounts $39,800.
B) Debit Expense accounts $37,000; credit Retained Earnings $37,000.
C) Credit Expense accounts $39,800; debit Retained Earnings $39,800.
D) Debit Expense accounts $39,800; credit Income Summary $39,800.
E) Debit Income Summary $39,800; credit Retained Earnings $39,800.