Tara Westmount, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. The owners capital account before closing had a balance of $297,000. What is the journal entry required to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed?

Prepare the Journal entry