After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $218,380 and a credit of $375,000. At the same date, Rachel Bray, Capital has a credit balance of $479,100, and Rachel Bray, Drawing has a balance of $18,000.
(a) Journalize the entries required to complete the closing of the accounts.
(b) Determine the amount of Rachel Bray, Capital at the end of the period.