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When December 31 the income account of Madison company has a depth balance of $37000 up...

When December 31 the income account of Madison company has a depth balance of $37000 up the revenue of $39000 in it experiences of $76000 were close to the account Madison Wales drawn has a dead balance of $4000 in Madison will capital has a credit moments of $58000 record the journal entry necessary to complete in closing the

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Answer #1

Closing entries:

Date Account title and explanation Debit Credit
Dec 31 Revenue $39,000
Income summary $39,000
[To close revenue accounts]
Dec 31 Income summary $76,000
Expenses $76,000
[To close expenses account]
Dec 31 Madison Wales, capital $37,000
Income summary [76,000-39,000] $37,000
[To close income summary account]
Dec 31 Madison Wales, capital $4,000
   Madison Wales, withdrawals $4,000
[To close withdrawals account]
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