After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $$20,000.$ The entry to close the income summary account will be:

Multiple Choice

Debit Income Summary $$20,000$; credit Dividends $$20,000.$

Debit Dividends $$20,000$; Credit Retained Earnings $$20,000.$

Debit Retained Earnings $$20,000$; credit Income Summary $$20,000.$

Debit Income Summary $$20,000$; credit Retained Earnings $$20,000.$

Debit Dividends $$20,000$; credit Income Summary $$20,000.$