At January 1, 2022, Spiderland Company reported a balance of $20,000 in the Owners Capital account. Spiderland Company earned revenues of $50,000 and incurred expenses of $32,000 during 2022. The company had owner drawings of $10,000 during the year and there were no new investments during the year.

Prepare the entries to close Income Summary and the Owners Drawings account at December 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)