On December 31, the Income Summary account of Madison Company has a debit balance of $35.000 after revenue of $37000 and expenses of $72,000 were closed to the account Madison Wells. Drawing has a debit balence of $3,800 and Madison Wells, Capital has a credit balance of $56,000 Required: 1. Record the joumal entries necessary to complete closing the accounts 2. What is the new balance of Madison Wells, Capital? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the journal entries necessary ta complete dlosing the accounts 16ow troeeastion Be View transaction list Journal entry worksheet 1 2 Record the closing entry for the balance of income summary Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2019 View general journal Clear entry Record entry View transaction list Journal entry worksheet