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Tara Westmont, the proprietor, of Tiptoe Shoes, had annual revenues of $204,000, expenses of $133,00, and withdrew $25,600 from the business during the current year.

Tara Westmont, the proprietor, of Tiptoe Shoes, had annual revenues of $204,000, expenses of $133,00, and withdrew $25,600 from the business during the current year. The owner;s capital account before closing had a balance of $316,000. The entry to close Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:

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