Which statement describes Monterrey’s closing entries at the end of 20X3? 1 answer below »
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For 20X3, Monterrey Company had revenues in excess of expenses. Which statement describes Monterrey’s closing entries at the end of 20X3?
a. Revenues will be debited, expenses will be credited, and retained earnings will be debited.
b. Revenues will be credited, expenses will be debited, and retained earnings will be debited.
c. Revenues will be debited, expenses will be credited, and retained earnings will be credited.
d. Revenues will be credited, expenses will be debited, and retained earnings will be credited.
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