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

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Question: 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

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.

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