After preparing and posting the closing entries to close revenues and expenses into the income summary, the income summary account has a debit balance of $33,000. The entry to close income summary account will include:
A. a debit of $33,000 to owner withdrawals.
B. a credit of $33,000 to owner withdrawals.
C. a debit of $33,000 to income summary
D. a debit of $33,000 to owner capital
E. a credit of $33,000 to owner capital

When an income summary has a debit balance, it means there is net loss for the period. Since the profit or loss belongs to the owner, the obvious choice is to transfer it owner's capital account