Tara Westmont,the Proprietor of Tiptoe Shoes,had Annual Revenues of $185,000,expenses

question 57

Multiple Choice

Tara Westmont,the proprietor of Tiptoe Shoes,had annual revenues of $185,000,expenses of $103,700,and withdrew $18,000 from the business during the current year.The owner's capital account before closing had a balance of $297,000.The entry to close the Income Summary account at the end of the year,after revenue and expense accounts have been closed,is:

• A)Debit T.Westmont,Capital $297,000;credit Income Summary $297,000
• B)Debit T.Westmont,Capital $63,300;credit Income Summary $63,300
• C)Debit Income Summary $63,300;credit T.Westmont,Capital $63,300
• D)Debit Income Summary $81,300,credit T.Westmont,Capital $81,300
• E)Debit T.Westmont,Capital $81,300;credit Income Summary $81,300