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1.29 Company G, a sole proprietorship, shows the following capital-related accounts on December 31: Salary Expense $12,000 Rent Expense 18,000 Capital (Jan. 1) 50,000 Service

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1.29 Company G, a sole proprietorship, shows the following capital-related accounts on December 31: Salary Expense $12,000 Rent Expense 18,000 Capital (Jan. 1) 50,000 Service Fees 40,000 Drawings 10,000 Prepare the necessary journal entries to close these accounts and determine the new capital balance

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