High Step Shoes had annual revenues of $187,000, expenses of $104,700, and dividends of $18,800 during the current year. The retained earnings account before closing had a balance of $299,000. 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 Income Summary $82,300; credit Retained earnings $82,300
B. Debit Retained earnings $63,500; credit Income Summary $63,500
C. Debit Retained earnings $82,300; credit Income Summary $82,300
D. Debit Income Summary $63,500; credit Retained earnings $63,500
E. Debit Retained earnings $299,000; credit Income Summary $299,000
Answer: A
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