Question: Can someone explain the steps for this The following normal balances appear in Eaton Companys general ledger: Account Amount Revenues: $40,000 Wages Expense: $25,000 Utilities

Can someone explain the steps for this

The following normal balances appear in Eaton Companys general ledger:

Account Amount
Revenues: $40,000
Wages Expense: $25,000
Utilities Expense: $1,650
Insurance Expense: $3,870

In the first closing entry, Retained Earnings will be credited for

a.$32,720.

b.$42,000.

c.$27,000.

d.$9,280.

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