Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $190,000, expenses of $106,200, and withdrew $20,000 from the business during the current year. The owner's capital account before closing had a balance of $302,000. 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 $63,800; credit Income Summary $63,800
B. Debit T. Westmont, Capital $302,000; credit Income Summary $302,000
C. Debit Income Summary $83,800, credit T. Westmont, Capital $83,800
D. Debit Income Summary $63,800; credit T. Westmont, Capital $63,800
E. Debit T. Westmont, Capital $83,800, credit Income Summary $83,800
Answer: C
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