Which of the following statements is correct?

a) The most efficient way to accomplish closing entries is to credit the income summary account for total revenues and debit the income summary account for total expenses.

b) In preparing closing entries, the retained earnings account will be debited if there is net income for the period.

c) The most efficient way to accomplish closing entries is to credit the dividends balance directly to the income summary account.

d) The closing entry process consists of closing out the retained earnings account.

e) The closing entry process consists of closing all asset and liability accounts.