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On December 31, the Income Summary of Victoria Company has a credit balance of $27,000 after revenue of $69,000, and expenses of $42,000 were closed

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On December 31, the Income Summary of Victoria Company has a credit balance of $27,000 after revenue of $69,000, and expenses of $42,000 were closed to the account. Herman Victoria, Drawing has a debit balance of $3,000 and Herman Victoria, Capital has a credit balance of $84,000. Record the journal entries necessary to complete closing the accounts in the space below. What is the new balance of Herman Victoria, Capital

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