For 2016, NestorCompany had revenues in excess of expenses. Which statement describes Nestor's closing entries at the end of 2016 (assume there is only one closing entry for both revenue and expenses) ?
A. Revenues will be debited, expenses will be credited, and retained earnings will be debited.
B. Revenues will be debited, expenses will be credited, and retained earnings will be credited.
C. Revenues will be credited, expenses will be debited, and retained earnings will be credited.
D. Revenues will be credited, expenses will be debited, and retained earnings will be debited.
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