4 Exercise 6.7 (Algo) Closing entries. LO 6-1 Help Save & Exit Submit 566 04:47:27 etinos On December 31, the Income Summary account of Madison Company has a debit balance of $34,000 after revenue of $36,000 and expenses of $70,000 were closed to the account. Madison Wells, Drawing has a debit balance of $3.700 and Madison Wells Capital has a credit balance of $55,000 Required: 1. Record the journal entries necessary to complete closing the accounts 2. What is the new balance of Madison Wells, Capital? Fer References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the journal entries necessary to complete closing the accounts. View transaction list Journal entry worksheet Next> Check my work