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Record journal entries necessary to complete closing account

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Question - On December 31, the income summary account of Madison Company has a debit balance of $28000 after revenue of $30000 and expenses of 58000 was closed to the account. Madison Wells Drawing has a debit balance of $3100 and Madison ells Capital has a credit balance of $49000. Record the journal entries necessary to complete the closing accounts. What is the balance of Madison Wells Capital?

Reference no: EM132447765

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