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On dec 31, the income summary account of Madison Co. has a debit balance of $32000, after revenue of$34000 and expenses of $66000, were closed
On dec 31, the income summary account of Madison Co. has a debit balance of $32000, after revenue of$34000 and expenses of $66000, were closed to the account. Madison Wells, drawing has a debit balance of $3500 and Madison Wells, capital has a balance of $53000. 1. Record the journal entries necessary to complete closing the accounts. 2. What is the new balance of Madison Wells, capital?
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