On December 31, the income Summary account of Madison Company has a debit balance of $23,000 after revenue of $25,000 and expenses of 548 000 were closed to the account Madison Wells Drawing has a debt balance of 52 600 and Madison Wells Capital has a credit balance of $44000 Required 1. Record the journal entres 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 Regured Required 2 Record the journal entries necessary to complete dosing the Www bansactices Journal entry worksheet Record the doing Record the closing entry for the balance of income summary. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2019 Record entry Clear entry View general joumal Record the closing entry for the drawing account. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2019 Record entry Clear entry View general journal Penuired 2 Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the new balance of Madison Wells, Capital? New balance