Olsteen, Inc., earned revenues of $65,000 and incurred expenses of $73,000. No dividends were declared. Which of the following statements is correct?

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

B. Retained Earnings will be debited for $8,000 and Income Summary will be credited for $8,000.

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

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