Answer:
b. a debit to the Income Summary and a credit to the Revenues account for $75,000
Explanation:
As we know that
The closing entries are shown below:
1. Sales Revenue A/c Dr $75,000
To Income Summary A/c $75,000
(Being revenue account closed)
2. Income summary A/c Dr $62,000
To Expenses A/c $62,000
(Being the expenses accounts are closed)
3. Income summary A/c Dr $13,000 ($75,000 - $62,000)
To Owner's capital $13,000
(Being the difference is credited to owners capital)