Record the Closing Entries IN PROPER ORDER in proper General Journal forma, state the NET INCOME or NET LOSS,

State the balance in the L Green, Capital account at the beginning of the 4^th quarter, which is $

 

Lewis Green has an investment advisory and a consulting business. At the end of the 3rd quarter, these accounts had the following balances: L Green, Capital L Green, Drawing Consulting Revenue Interest Revenue Communications Expense Entertainment Expense Miscellaneous Expense Travel Expense $47,500 $20,000 $23,500 $1,500 $2,500 $15,000 $2,000 $8,000 All the balances are those that these accounts would normally have (as to either Debit or Credit). Using the Income Summary Account, record - in proper General Journal format - the Closing Entries IN PROPER ORDER, state the NET INCOME or NET LOSS, identifying which of the two it is, which is $ and state the balance in the L Green, Capital account at the beginning of the 4th quarter, which is $