A Company Had Revenues of $75,000, Withdrawals of $10,000 and Expenses

Multiple Choice

A company had revenues of $75,000, withdrawals of $10,000 and expenses of $62,000 during an accounting period. Which of the following entries should not be journalized in the closing process?

A) $$\begin{array} { | l | r | r | } \hline \text { Income Summary } & 13,000 & \\\hline \text { Capital } & & 13,000 \\\hline\end{array}$$
B) $$\begin{array} { | l | r | r | } \hline \text { Capital } & 10,000 & \\\hline \text { Withdrawals } & & 10,000 \\\hline\end{array}$$
C) $$\begin{array} { | l | r | r | } \hline \text { Revenues } & 75,000 & \\\hline \text { Income Summary } & & 75,000 \\\hline\end{array}$$
D) $$\begin{array} { | l | l | l | } \hline \text { Income Summary } & 62,000 & \\\hline \text { Expenses } & & 62,000 \\\hline\end{array}$$
E) All of these should be journalized in the closing process.