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What is the new balance of Madison Wells, Capital

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Question - On December 31, the Income Summary account of Madison Company has a debit balance of $19,000 after revenue of $21,000 and expenses of $40,000 were closed to the account. Madison Wells, Drawing has a debit balance of $2,200 and Madison Wells, Capital has a credit balance of $40,000.

Required:

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

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

Reference no: EM132428880

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