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  3. the retained earnings account has a credit balance

The Retained earnings account has a credit balance of $51,000 before closing entries are made....

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Accounting

The Retained earnings account has a credit balance of $51,000 before closing entries are made. Services revenue for the period is $69,200, wages expense is $46,800, and dividends are $14,600. What is the correct closing entry for the expense accounts? Multiple Choice Debit Wages Expense $46,800; credit Income Summary $46,800. Debit Income Summary $46,800; credit Wages Expense $46,800. Debit Wages Expense $51,000; credit Retained Earnings $51,000. Debit Income Summary $46,800; credit Retained

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