2. Closing Process (2T) The adjusted trial balance for New Balance sneakers shows the following: New Balance, Drawings $5000, New Balance Capital $42,000, Service Revenue $18,000; Rent Expense $2,000, Supplies Expense $500, Wages Expense $7.500. New Balance statement of owner's equity for the year showed net income of $8,000 and closing owner's capital of $45,000. Prepare the closing entries in a journal to these accounts. New Bal. Date Account Debit Credit Closing Revenue Account Closing Expense Accounts Closing Income Summary Closing Drawings New Balance, Capital Credit Debit