Sapphire's bookkeeper always does one closing entry including both revenue and expenses. For 2020, Sapphire Inc. had revenues greater than expenses. Which statement describes Sapphire's closing entries at the end of 2020?

		Expenses will be debited, revenues will be credited, and retained earnings will be credited.
		Revenues will be debited, expenses will be credited, and retained earnings will be debited.
		Expenses will be debited, revenues will be credited, and retained earnings will be debited.
		Revenues will be debited, expenses will be credited, and retained earnings will be credited.