Final answer:
The closing entry for revenues is to debit the revenue account and credit the retained earnings account. This entry transfers the revenue balance to the retained earnings account.
Step-by-step explanation:
The closing entry for revenues is to debit the revenue account and credit the retained earnings account. This entry is made at the end of the accounting period to transfer the revenue balance to the retained earnings account, which represents the cumulative profits or losses of a company. It is important to note that revenues are temporary accounts, which means that their balances are closed at the end of each period to start fresh in the next period.