On December 31, the Income Summary account of Madison Company has a debit balance of $29,000 after revenue of $31,000 and expenses of $60,000 were closed to the account. Madison Wells, Drawing has a debit balance of $3,200 and Madison Wells, Capital has a credit balance of $50,000. Required: 1. Record the journal entries necessary to complete closing the accounts.
2. What is the new balance of Madison Wells, Capital? Journal entry worksheet Required 1 Required 2 What is the new balance of Madison Wells, Capital? New balance K Required 1.
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