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.