complete journal and find new balance

On December 31, the Income Summary account of Madison Company has a deblt balance of $25,000 after revenue of $27,000 and expenses of $52000 were closed to the account Madison Wells, Drawing has a debit balance of $2800 and Madison Wells, Capital has a credit balance of $46,000. Required: 1. Record the Journal entrles necessary to complete closing the accounts. 2 What Is the new balance of Madison Wells, Capltal? Complete this question by entering your answers in the tabs below. Required 1Requred 2 Record the jounal entries necessary to complete closing the accounts. new transaction lst Journal entry worksheet Record the closing entry for the balance of income summary. Note: Enter debits before credits. Dec 31, 2019 Record entry Clear entry Vew general journal Required 2>