Business, 11.03.2020 04:30 torrencek1
On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Madison Wells, Drawing has a debit balance of $12,000 and Madison Wells, Capital has a credit balance of $174,000.Required:1. Record the journal entries necessary to complete closing the accounts.2. What is the new balance of Madison Wells, Capital?
Answers: 2
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On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after...
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