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Record the closing entry for the drawing account

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Reference no: EM132500904

On December 31, the Income Summary 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:

Question 1: Record the journal entries necessary to complete closing the accounts.

Question 2: What is the new balance of Madison Wells, Capital?

Question 3: Record the closing entry for the balance of income summary.

Question 4: Record the closing entry for the drawing account.

Reference no: EM132500904

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