The F Mercury Capital account has a credit balance of 37000

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?

Solution

Account Debit credit Income summary 39800 Expense 39800 [being expense account closed]