The purpose of closing entries is to transfer the temporary accounts to the Income Summary account. The entry to close rent revenue of $50,000 is a. debit Rent Revenue $50,000; credit Income Summary $50,000. b. debit Cash $50,000; credit Rent Revenue $50,000. O c. debit Rent Revenue $50,000; credit Net Income $50,000. d. debit Rent Revenue $50,000; credit Stockholders' Equity $50,000