Closing Entries with Net Income Assume that the entry closing total revenues of $3,190,000 and total expenses of 52,350,000 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 5770,000 EET a. Journalize the entry required to close the Teresa Schafer, Drawing account. b. Determine the amount of Teresa Schafer, Capital at the end of the period