Answer:
Revenues debit 55,200
Income Summary credit 55,200
to close revenues temporary accounts
Explanation:
The dividend and expenses are irrelevant to the closing entry of the revenues. Each has his own closing entry.
To close the revenues and expenses accounts we use Income Summary account. Doing one entry for each.
Once we close both, we close Income Summary against Retained Earnings.
Income Summary account is used for this pourpose only.
