Dogwood Company earned revenues of $19,000 and incurred expenses of $7,000. The owner made withdrawals of $3,500. What is the balance in the Income Summary account prior to closing net income or loss to the Owner, Capital account?

(a) debit balance of $12,000

(b) debit balance of $8,500

(c) credit balance of $12,000

(d) credit balance of $19,000

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