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 $105 300?

A) No closing entry is required
B) Debit profit or loss summary account $105 300; credit owner's capital account $105 300
C) Debit owner's capital account $105 300; credit profit or loss summary account $105 300
D) Debit owner's capital account $105 300; credit bank $105 300