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What is the new balance of madison wells capital

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On December 31, the Income Summary account of Madison Company has a debit balance of $36,000 after revenue of $38,000 and expenses of $74,000 were closed to the account. Madison Wells, Drawing has a debit balance of $3,900 and Madison Wells, Capital has a credit balance of $57,000.

Required:

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

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

Reference no: EM132466144

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