A Company Had Revenues of $75,000 and Expenses of $62,000

Multiple Choice

A company had revenues of $75,000 and expenses of $62,000 for the accounting period. The owner withdrew $8,000 in cash during the same period. Which of the following entries could not be a closing entry?

A) Debit Income Summary $75,000; credit Revenues $75,000.
B) Debit Revenues $75,000; credit Income Summary $75,000.
C) Debit Owner's, Capital $8,000, credit Owner's, Withdrawals $8,000.
D) Debit Income Summary $62,000, credit Expenses $62,000.
E) Debit Income Summary $13,000; credit Owner's, Capital $13,000.