For the Year Ended December 31,a Company Has Revenues of $317,000

Multiple Choice

For the year ended December 31,a company has revenues of $317,000 and expenses of $196,000.The owner withdrew $50,000 during the year.The balance in the owner's capital account before closing is $81,000.Which of the following entries would be used to close the withdrawal account?

A) Debit Income Summary $50,000;credit Owner's,Capital $50,000.
B) Debit Owner's Capital $50,000;credit Owner Withdrawals $50,000.
C) Debit Owner's Capital $81,000;credit Income Summary $81,000.
D) Debit Income Summary $81,000,credit Owner's Withdrawals $81,000.
E) Debit Owner's Withdrawals $50,000;credit Owner's Capital $50,000.