A company has sales revenue of \$80,000. What is the correct closing entry?

• A. Credit Sales Revenue \$80,000; Debit Income Summary \$80,000
• B. Credit Income Summary \$80,000; Debit Sales Revenue \$80,000
• C. Debit Income Summary \$80,000; Credit Sales Revenue \$80,000
• D. Debit Sales Revenue \$80,000; Credit Income Summary \$80,000

Answer: (D)