TB MC Qu. 04-116 After preparing and posting the closing...

After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be:

Multiple Choice

• Debit Owner Withdrawals $33,000; credit Income Summary $33,000.

• Debit Income Summary $33,000; credit Owner Withdrawals $33,000.

• Debit Income Summary $33,000; credit Owner Capital $33,000.

• Debit Owner Capital $33,000; credit Income Summary $33,000.

• Credit Owner Capital $33,000; debit Owner Withdrawals $33,000.