Please help with EX 04.16

81260672831/e... C CengageNOWv2 | Online teaching and learning resource from Cengage eBook Show Me How Print Item Closing entries with net income Instructions Chart of Accounts Journal Final Question Instructions X Assume that the entry closing total revenues of $951,400 and total expenses of $757,600 has been made for the year ending December 31. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $1,462,000 and Teresa Schafer, Drawing has a balance of $39,000. Required: (a) Journalize the entry required to close the Teresa Schafer, Drawing account. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. (b) Determine the amount of Teresa Schafer, Capital at the end of the period