Chapter 4 Completing the Accounting Cycle 207 EX 4-15 Closing entries with net income income summary After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $193,400 and a credit of $258,600. At the same date, Laurie Engan, Capital has a credit balance of $300,000, and Laurie Engan, Withdrawals has a balance of $25,000. (a) Journalize the entries required to complete the closing of the accounts. (b) Determine the amount of Laurie Engan, Capital at the end of the period. EX 4-18 Closing entries with net loss-capital account Regina Services Co. offers its services to individuals desiring to improve their mental state. After the accounts have been adjusted at December 31, the following balances were taken from the ledger of Regina Services Co. Regina Schuhmann, Capital $340,000 Rent Expense $42.000 Regina Schuhmann, Withdrawals 25.000 Supplies Expense 10.000 Fees Earned 198.000 Miscellaneous Expense 9,800 Wages Expense 170.000 Journalize the three entries required to close the accounts, closing directly to the capital account