Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $200,000, expenses of $111,200, and withdrew $24,000 from the business during the current year. The owners capital account before closing had a balance of $312,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:

Debit T. Westmont, Capital $312,000; credit Income Summary $312,000

Debit T. Westmont, Capital $64,800; credit Income Summary $64,800

Debit Income Summary $64,800; credit T. Westmont, Capital $64,800

Debit Income Summary $88,800, credit T. Westmont, Capital $88,800

Debit T. Westmont, Capital $88,800, credit Income Summary $88,800