Tara Westmont, the owner of Tiptoe Shoes, had annual revenues of $192,000, expenses of $107,200, and withdrew $20,800 from the business during the current year. The owners capital account before closing had a balance of $304,000. 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 $64,000; credit Income Summary $64,000

Debit T. Westmont, Capital $84,800, credit Income Summary $84,800

Debit Income Summary $64,000; credit T. Westmont, Capital $64,000

Debit Income Summary $84,800, credit T. Westmont, Capital $84,800

Debit T. Westmont, Capital $304,000; credit Income Summary $304,000