After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $23
,000. The entry to close the income summary account will be: Debit Owner Withdrawals $23,000; credit Income Summary $23,000. Debit Income Summary $23,000; credit Owner Withdrawals $23,000. Debit Income Summary $23,000; credit Owner Capital $23,000. Debit Owner Capital $23,000; credit Income Summary $23,000. Credit Owner Capital $23,000; debit Owner Withdrawals $23,000.
