Question: Need Help With Problem On December 31, the income summary account of Madison company has a debit balance of $111000 after revenue of $117000 and

Need Help With Problem

On December 31, the income summary account of Madison company has a debit balance of $111000 after revenue of $117000 and expenses of $228000 were closed to the account. Madison wells, drawing has a debit balance of $12000 and Madison wells, capital has a credit balance of $174000

Required:

Record the journal entries necessary to complete closing the accounts

What is the new balance of Madison Wells, Capital

Record the closing entry for the balance of income summary

Date General Journal Debit Credit

Record the closing entries for the drawing account

Date General Journal Debit Credit

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