Sales Revenues Were $20 000, Sales Returns and Allowances Were

Multiple Choice

Sales revenues were $20 000, Sales Returns and allowances were $300, Sales discounts were $700, Cost of sales were $12 000, and all other expenses totaled $4 500. The second closing entry would include which of the following line items?

A) Credit to Income summary of $16 500
B) Debit to Income summary of $4 500
C) Debit to Income summary of $16 500
D) Debit to Income summary of $17 500