A Business Has Beginning Capital of $100,000

Multiple Choice

A business has beginning Capital of $100,000.During the year,Sales revenues were $20,000,Sales returns and allowances were $300,Sales discounts were $700,Cost of goods sold were $12,000,and all other expenses totaled $4,500.$1,000 of withdrawals were taken.The fourth closing entry would include which of the following line items?

A) Debit to Income summary of $1,000
B) Credit to Income summary of $1,000
C) Debit to Capital of $1,000
D) Debit to Capital of $16,500