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: 1. Record the journal 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. inces Required 1 Required 2 Record the journal entries necessary to complete closing the accounts. View transaction list Journal entry worksheet Record the closing entry for the balance of income summary