Olsteen Company earned revenues of $ 64,000 and incurred expenses of $ 74,000 No withdrawals were taken. The owner did not make any new capital contributions during the year. The company is a sole proprietorship. Which of the below statements is true?

The entry to close Income Summary requires a debit to the Income Summary account.

Olsteen, Capital will be debited for $10,000 and Income Summary will be credited for $10,000

The entry to close Income Summary is the same regardless of a net income or a net loss.

The entries to close revenues and expenses will differ if there is a net loss.