Suppose that you are doing end of accounting period closing entries for above accounts. Which one of the followings is the correct entry to close Income Summary account?

DR: Income Summary $50,000 CR: Retained Earnings $50,000

DR: Income Summary $90,000 CR: Retained Earnings $90,000

DR: Retained Earnings $50,000 CR: Income Summary $50,000

DR: Retained Earnings $90,000 CR: Income Summary $90,000

You don't need a trail balance use this one