The First Two Closing Entries to the Income Summary Account

Multiple Choice

The first two closing entries to the Income Summary account indicate a debit of $47,000 and a credit of $41,000. The third closing entry would be:

A) debit Income Summary $41,000; credit Expenses $41,000
B) debit Capital $6,000; credit Income Summary $6,000
C) debit Income Summary $6,000; credit Drawing $6,000
D) debit Income Summary $47,000; credit Capital $47,000