aReAssignment/takeA and n.do true eBook Show Me How Closing Entries with Net Income Calculetor Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been made for the year. At the end of the ftscal year,Teress Schater, Capital he a balance of $1,885,000 and Teresa Schafer, Drawing has a balance of $770,000. a. Journalize the entry required to close the Teresa Schafer, Drawing account. Teresa Schafer, Capital 5,00) X 1 Income 1,815,000x Check My Work a. The net effect of the Income summary account needs to be determined. If the company shows net income the net balance is a credt The offsetting account to complete the closing entry for Income Summary is the owner's casital account. Also in clesing, the drawing and it is a net loss if the net biance a a deot account is closed to (or decreasesj the osnes capital account instead of Income ummary b. Determine the amount of Teresa Schafer, Capital at the end of the period. 1,815,000 X b. Similar to the Statement of Owners Equity, the amount of Teresa Schafer, Capital can be determined by the foowing equation: Ending Catal Sgning Catalers Net Income-Withdrawals. Check My Work Check My Wark 3 more Check My Work uses remaining All work saved