After Preparing and Posting the Closing Entries for Revenues and Expenses

Multiple Choice

After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be:

A) Debit Income Summary $33,000; credit Owner Capital $33,000.
B) Debit Owner Capital $33,000; credit Income Summary $33,000.
C) Debit Income Summary $33,000; credit Owner Withdrawals $33,000.
D) Debit Owner Withdrawals $33,000; credit Income Summary $33,000.
E) Credit Owner Capital $33,000; debit Owner Withdrawals $33,000.