After preparing and posting the closing entries to close revenues (and gains) and expenses (and losses) into the income summary, the income summary account has a debit balance of $33,000. The entry to close the income summary account will include:
a. A debit of $33,000 to owner withdrawals.
b. A credit of $33,000 to owner withdrawals.
c. A debit of $33,000 to income summary.
d. A debit of $33,000 to owner capital.
e. A credit of $33,000 to owner capital.
Answer: d. A debit of $33,000 to owner capital.
Business
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