On December 31, the Income Summary account of Madison Company has a debit balance of $29,000 after revenue of $31,000 and expenses of $60,000 were closed to the account. Madison Wells, Drawing has a debit balance of $3,200 and Madison Wells, Capital has a credit balance of $50,000. Required: 1. Record the journal entries necessary to complete closing the accounts.
Income Summary Account of Madison Company Assignment
2. What is the new balance of Madison Wells, Capital? Journal entry worksheet Required 1 Required 2 What is the new balance of Madison Wells, Capital? New balance K Required 1.
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