Question No. 1 ( CLO # 3 ) Scenario 1 : Superior Essex , has performed different activities during the current year . The annual revenues of $ 185,000 , expenses of $ 103,700 , and withdrew $ 18,000 from the business during the current year . The owner's capital account before closing had a balance of $ 297,000 . Required : You are required to record the entry to close the Income Summary account at the end of the year after revenue and expense accounts have been closed .