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 revenue accounts

The correct closing entry for the revenues account is "Debit: $55,200 to Revenues Account and Credit: $55,200 to Income Summary Account" based on the information shown on the question above. The Income Summary is a closing account for every income statement related account. Thus, the best journal pair for revenues account is the income summary.