Analyze the adjusted trial balance of Ironside Security Services. Based on your analysis, prepare the journal entry to close Ironsides's income summary account. Calculate the balance that you would see in Don Chadwell, Capital, on Ironside's post closing trail balance.

Show your work. (Note: only prepare the closing entry specifically asked for, not all of them.)

Financial statements and closing entries

Ironside Security Services is an investigative services firm that is owned and operated by Don Chadwell. On April 30, 2014, the end of the current fiscal year, the accountant for Ironside Security Services prepared an end-of-period spreadsheet, a part of which is shown on the next page.

1. Prepare an income statement, a statement of owners equity (no additional investments were made during the year), and a balance sheet.

2. Journalize the entries that were required to close the accounts at April 30.

3. If Don Chadwell, Capital has instead decreased $47,500 after the closing entries were posted, and the withdrawals remained the same, what would have been the amount of net income or net loss?

please show the work