Exercise 6.7 (Algo) Closing entries, LO 6-1 On December 31, the income Summary account of Madison Company has a debit balance of $23,000 after revenue of $25,000 and expenses of $48,000 were closed to the account. Madison Wells, Orawing has a debit balance of $2,600 and Mactison Wells, Copvtat has a credit batance of $44,000 Required: 1. Record the Journal entries necessary to complete closing the accounts. 2. What is the new balance of Madison Weils, Capitar? Complete this question by entering your answers in the tabs below. Record the fournal entries necessary to complete closing the accounts: Journal entry worksheet Record the joumal entries necessary to complete closing the accounts. Journal entry worksheet Record the closing entry for the balance of income summary. Fiutei fintir debihs betore credits. Journal entry worksheet Record the closing entry for the drawing account. Notes Cnser debits before credsts. On December 31, the Income Summary account of Madison Company has a debit balonce of $23,000 after revenue of $25,000 and expenses of $48,000 were closed to the account. Madison Wells, Drawing has a debit bolance of $2,600 and Madison Wells, Capital has a credit balance of $44,000. Required; 1. Record the journat entries necessary to complete closing the accounts. 2. What is the new baiance of Madison Wells, Capital? Complete this question by entering your answers in the tabs below. What is the now balance of Madison Wells, Capitar? Exercise 6.7 (Algo) Closing entries, LO 6-1 On December 31, the income Summary account of Madison Company has a debit balance of $23,000 after revenue of $25,000 and expenses of $48,000 were closed to the account. Madison Wells, Orawing has a debit balance of $2,600 and Mactison Wells, Copvtat has a credit batance of $44,000 Required: 1. Record the Journal entries necessary to complete closing the accounts. 2. What is the new balance of Madison Weils, Capitar? Complete this question by entering your answers in the tabs below. Record the fournal entries necessary to complete closing the accounts: Journal entry worksheet Record the joumal entries necessary to complete closing the accounts. Journal entry worksheet Record the closing entry for the balance of income summary. Fiutei fintir debihs betore credits. Journal entry worksheet Record the closing entry for the drawing account. Notes Cnser debits before credsts. On December 31, the Income Summary account of Madison Company has a debit balonce of $23,000 after revenue of $25,000 and expenses of $48,000 were closed to the account. Madison Wells, Drawing has a debit bolance of $2,600 and Madison Wells, Capital has a credit balance of $44,000. Required; 1. Record the journat entries necessary to complete closing the accounts. 2. What is the new baiance of Madison Wells, Capital? Complete this question by entering your answers in the tabs below. What is the now balance of Madison Wells, Capitar