The income statement for the year 2015 of Fugazi Co. contains the following information:

Revenues

$70,000

Expenses:

	Salaries and Wages Expense	$45,000
	Rent Expense	12,000

Advertising Expense

10,000

Supplies Expense

6,000

Utilities Expense

2,500

Insurance Expense

2,000

Total expenses

77,500

Net income (loss)

$(7,500)

The entry to close the expense accounts includes a

Select one:

A. credit to Income Summary for $7,500.

B. debit to Utilities Expense for $2,500.

C. debit to Income Summary for $7,500.

D. debit to Income Summary for $77,500.