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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 $32,000 after revenue of $34,000 and expenses of $66,000 were closed to the account. Madison Wells, Drawing has a debit balance of $3,500 and Madison Wells, Capital has a credit balance of $53,000.

Required -

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

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

Reference no: EM132498201

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