The Income Summary and Linda Carter, Copltal accounts for Carter Production Company at the end of its accounting period follow. Income Summary Account No. 399 Balance Date Description DebitCredit Debit Credit 2819 Dec. 31 Closing 31 Closing 31 Closing 65, 286 65, 28e 38,28e 35,886 38,286 inda Carter, Capital Account No. 381 Balance Date Description DebitCredit Debit Credit 2819 Dec. 111,880 38,286 111,886 141,286 131,18e 31 Closing 31 Closing 18,180 Enter the following amounts. 1. Total revenue for the period is 2. Total expenses for the period are 3. |Net income for the period is Owner's withdrawals for the period On December 31, the Income Summary account of Madison Company has a deblt balance of $32000 after revenue of $34,000 and expenses of $66.000 re closed to the account. Madison Wells, Drawing has a debit balance of $3.500 and Madison Wells, Capital has a credit balance of $53,000. Required: 1. Record the Journal entrles necessary to complete closing the accounts. 2 What Is the new balance of Madison Wells, Capital? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the new balance of Madison Wells, Capital? Required 1 Required 2