Practice Knowledge Check Help Save & Exit Madison Company has a debit balance of $111000 after revenue of $117,000 and On December 31, the Income Summary account of expe Capita/ has a credit balance of $174.000 nses of $22 8,000 were closed to the account. Madison Wells, Drawing has a debit balance of $12,000 and Madison Wells Required: 0.33 poits 1. Record the journal entries necessary to complete closing the accounts 2. What is the new balance of Madison Wells, Copital? Complete this question by entering your answers in the tabs below Required 1 Required 2 Record the journal entries necessary to complete closing the accounts View transaction list Journal entry worksheet 1 of 6 Score answer > O Type here to search Practice e Check Help Save & Exit y has a debit balance of $111,000 after revenue of $117,000 and On December 31. the Income expenses of $228,000 were closed to the account Madison Wells Drowing has a debit balance of $12,000 and Madison Wells account of Madison Cor Capitalhas a credit balance of $174.000 Required: 1. Record the journal entries necessary to c 2. What is the new balance of Madison Wells, Capital? points Hint What is the new balance of Madison Wells, Capital?