1 online - Principles of Accounting All revenue and expense accounts have been closed at the end of the calendar year for Renfro Company. The Income Summary account has total debits of $500,000 and total credits of $600,000. As of the same date, Don Renfro, Capital has a balance of $115,000, and Don Renfro, Drawing has a balance of $48,000. Instructions (a) Journalize the entries required to complete the closing of the accounts (b) Prepare an owner's equity statement for the year ended December 31, 2018 Paragraph - BIE