Final answer:
The correct journal entry to close the income summary account for a profitable company like ABC is to debit retained earnings and credit income summary.
Step-by-step explanation:
To close the income summary account, ABC Company would make the following journal entry: Debit Retained Earnings and Credit Income Summary.
This entry transfers the balance of the income summary account to the retained earnings account, effectively closing the temporary account and reflecting the company's profits as retained earnings.
It is important to note that option B: Debit Retained Earnings, Credit Income Summary, is the correct journal entry to close the income summary account.