Question
On December 31, the Income Summary account of Madison Company has a debit balance of $28,000 after revenue of $30,000 and expenses of $58,000 were
On December 31, the Income Summary account of Madison Company has a debit balance of $28,000 after revenue of $30,000 and expenses of $58,000 were closed to the account. Madison Wells, Drawing has a debit balance of $3,100 and Madison Wells, Capital has a credit balance of $49,000. Required:
Record the journal entries necessary to complete closing the accounts.
What is the new balance of Madison Wells, Capital?
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The Customer Support Audit
Authors: Colin G. Armistead
1st Edition
190776609X, 978-1907766091
