Assume that the entry closing total revenues of $258,600 and total expenses of $193,000 has been made for the year ending December 31. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $299,000 and Teresa Schafer, Drawing has a balance of $25,100.

a. Journalize the entry required to close the Teresa Schafer, Drawing account. If an amount box does not require an entry, leave it blank.

Coting Entries with Net income of $299,000 and Teresa schufer, Oraming has a balance of $25,100