Use the following account balances from the adjusted trial balance columns ofRB Auto'sworksheet to answer below question.

Account Debit Balance Credit BalanceCash20,500Merchandise Inventory1,000Accounts Payable2,800R. Holloway, Drawing500R. Holloway, Capital13,000Sales15,000Purchases2,000Purchase Returns and Allowances200Rent Expense3,000Salaries Expense4,000

Select the closing entry thatRB Autowould make at the end of the accounting period to close their revenue accounts and income statement accounts with credit balances.

Multiple Choice

• debitSalesand creditIncome Summaryfor $15,000.
• debitSales$15,000; debitPurchase Returns and Allowances$200 and creditIncome Summaryfor $15,200.
• debitSalesfor $15,000; debitR Holloway, Capitalfor $13,000 and creditIncome Summaryfor $28,000.
• debitIncome Summaryfor $15,000 and creditSalesfor $15,000.