Tara Westmont, the owner of Tiptoe Shoes, had annual revenues of $197,000, expenses of $109,700, and withdrew $22,800 from the business during the current year. The owners capital account before closing had a balance of $309,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:

Multiple Choice

• Debit T. Westmont, Capital $309,000; credit Income Summary $309,000

• Debit T. Westmont, Capital $64,500; credit Income Summary $64,500

• Debit Income Summary $64,500; credit T. Westmont, Capital $64,500

• Debit Income Summary $87,300, credit T. Westmont, Capital $87,300

• Debit T. Westmont, Capital $87,300, credit Income Summary $87,300