Need Help With Problem On December 31, the income summary account of Madison company has a debit
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On December 31, the income summary account of Madison company has a debit balance of $111000 after revenue of $117000 and expenses of $228000 were closed to the account. Madison wells, drawing has a debit balance of $12000 and Madison wells, capital has a credit balance of $174000
Required:
Record the journal entries necessary to complete closing the accounts
What is the new balance of Madison Wells, Capital
Record the closing entry for the balance of income summary
Date General Journal Debit Credit
Record the closing entries for the drawing account
Date General Journal Debit Credit
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