Assume that the entry closing total revenues of $$3,190,000$ and total expenses of $$2,350,000$ has been made for the year ending December $31.$ At the end of the fiscal year, Teresa

Schafer, Capital has a credit balance of $$1,885,000$ and Teresa Schafer, Drawing has a balance of $$770,000.$

Required:

$($a$)$ Journalize the entry required to close the Teresa Schater, Urawing account. Refer to the chart of accounts for the exact wording of the account

titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will

automatically indent a credit entry when a credit amount is entered.

$($b$)$ Determine the amount of Teresa Schafer, Capital at the end of the period.