On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after
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On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Madison Wells, Drawing has a debit balance of $12,000 and Madison Wells, Capital has a credit balance of $174,000. Record the journal entries necessary to complete closing the accounts. What is the new balance of Madison Wells, Capital?
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GENERAL JOURNAL PAGE 4 DATE DESCRIPTION POST REF DEBIT CREDIT 1 C...View the full answer
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Related Book For 
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
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