Item $1$

On December $31$ the Income Summary account of York Company has a debit balance of $$18,000$ after revenue of $$49,000$ and expenses of $$67,000$ were closed to the account. Alan York, Drawing has a debit balance of $$23,000$ and Alan York, Capital has a credit balance of $$84,000.$

Record the journal entries necessary to complete closing the accounts. Post the closing entries to the Alan York, Capital account.