PROPRIETORSHIP EQUITY ACCOUNTING. Chris Brandon operates an organ repair business as a proprietorship. At the beginning of 19x2, Chris’ capital account balance was $34,150. During 19x2, the proprietorship net income was $51,280, and Chris withdrew $3,100 for living expenses each month.

REQUIRED:
1. Prepare the journal entries to record 1 month’s drawings.
2. Prepare the journal entries to close the income summary and the year’s drawings f account.
3. What is Chris’ capital balance after closing at the end of 19x2?