Bald Eagle Co.has recorded all the year-end adjustments.Its revenue accounts total $275,500 and its expense accounts total $188,500.The closing entry to close the income statement accounts for the year will debit the various:

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This closing entry will debit the various revenue accounts (which have credit balances)for a total of $275,500,credit the various expense accounts (which have debit balances)for a total of $188,500,and credit Retained Earnings for $87,000,which is the amount of the company's net income ($275,500 − $188,500).