Use the Following Account Balances from the Adjusted Trial Balance

Multiple Choice

Use the following account balances from the adjusted trial balance of ABC Consulting:

Select the correct closing entry that ABC Consulting would make to close the income summary account at the end of the accounting period.

A) debit B. Conway, Capital $600 credit B. Conway, Drawing for $600.
B) debit B. Conway, Capital $9,700 and credit Income Summary for $9,700.
C) debit B. Conway, Capital $18,000 and credit Income Summary for $18,000.
D) debit Income Summary $9,700 and credit B. Conway, Capital for $9,700.