After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $33,000. The entry to close the income summary account will be:
A. Credit Retained earnings $33,000; debit Dividends $33,000.
B. Debit Dividends $33,000; credit Income Summary $33,000.
C. Debit Income Summary $33,000; credit Retained earnings $33,000.
D. Debit Retained earnings $33,000; credit Income Summary $33,000.
E. Debit Income Summary $33,000; credit Dividends $33,000.
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