Business, 27.02.2020 03:32 mrsclnantambu5956

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:

a. Debit Dividends $33,000; credit Income Summary $33,000

b. Debit Income Summary $33,000; credit Dividends $33,000

c. Debit Income Summary $33,000; credit Retained Earnings $33,000

d. Debit Retained Earnings $33,000; credit Income Summary $33,000

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