Part 3. Transaction Analysis (24 T) Journalize the following transactions Including the correct accounts involved, and the correct application of debits and credits. 1. Adjusting Entries 2. Closing Process (2T) 3. Basic Transactions? (2T) 2. Closing Process (2T) The adjusted trial balance for New Balance sneakers shows the following: New Balance, Drawings $5000, New Balance Capital $42,000, Service Revenue $18,000, Rent Expense $2,000, Supplies Expense $500, Wages Expense $7,500. New Balance statement of owner's equity for the year showed net income of $8,000 and closing owner's capital of $45,000. Prepare the closing entries in a journal to these accounts. New Bal. 1 Date Account Debit Credit Closing Revenue Account Closing Expense Accounts Closing Income Summary Closing Drawings New Balance, Capital Credit Debit I