The Income Summary Account Had an $8,000 Credit Balance Prior

Multiple Choice

The income summary account had an $8,000 credit balance prior to being closed to the owner's capital account. The capital account had a $32,000 beginning balance and a $36,500 ending balance. Determine the amount of the owner's withdrawals during the current period.

A) $3,500
B) $8,500
C) $4,500
D) $2,500