Dogwood Company earned revenues of $19,000 and incurred expenses of $7,000. The owner made withdrawals of $3,500. What is the balance in the Income Summary account prior to closing net income or loss to the Owner, Capital account?
(a) debit balance of $12,000
(b) debit balance of $8,500
(c) credit balance of $12,000
(d) credit balance of $19,000
Please show how you came up with the answer