Exercise $6\mathrm{.}9($Static$)$ Closing entries. LO $6-1$

On December $31,$ the Income Summary account of Johnson Company has a Credit

balance of $$226,000$ after revenue of $$519,000$ and expenses of $$293,000$ were

closed to the account. Gloria Johnson, Drawing has a debit balance of $$18,000$ and

Gloria Johnson, Capital has a credit balance of $$186,099.$

Required:

Record the journal entries necessary to complete closing the accounts.

What is the new balance of Gloria Johnson, Capita?

Complete this question by entering your answers in the tabs below.

Required $1$

Record the journal entries necessary to complete closing the accounts.

Journal entry worksheet

Record the closing entry for the balance of income summary.

Note: Enter debits before credits.