Question: On December 31, the Income Summery account of Madison Company has a debit balance of $25,000 after revenue of $27,000 and expenses of $52,000 were closed to the account. Madison Wells. Drawing has a debit balance of $2,800 and Madison Wells. Capital has a credit balance of $46,000.
Required:
1. Record the journal entries necessary to complete closing the accounts.
2. What is the new balance of Madison Wells, Capital?
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