Which of the Following Is the Correct Closing Entry for a Profit

Multiple Choice

Which of the following is the correct closing entry for a profit of $78 400?

A) DR Profit or loss summary account $78 400; CR Owner's capital account $78 400
B) DR Owner's capital account $78 400; CR Profit or loss summary account $78 400
C) DR Owner's capital account $78 400; CR Bank $78 400
D) No closing entry is required