. The summary amounts below appear in the Income Statement and Balance Sheet columns of a company's December 31 worksheet. Prepare the necessary closing entries. Assets Liabilities Kate Smith, Capital Kate Smith, Withdrawals Revenue Salaries expense Other operating expenses Totals Net income Total Income Statement Debit 11,250 5,250 16,500 3,000 19,500 Credit 19,500 19,500 19,500 Balance Sheet Debit 12,000 1,500 13,500 13,500 Credit 3,000 7,500 10,500 3,000 13,500