Prepare the entries to close Income Summary and the Owner's Drawings account. Abu Dhabi Company earned net income of $56,000 during 2020. The company had owner drawings totalling $35,000 during the period. Prepare the entries to close Income Summary and the Owner's Drawings account. Abu Dhabi Company earned net income of $56,000 during 2020. The company had owner drawings totalling $35,000 during the period. Prepare the entries to close Income Summary and the Owner's Drawings account