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At January 1, 2022. Spiderland Company reported a balance of $20,000 in the Owner's Capital account


At January 1, 2022. Spiderland Company reported a balance of $20,000 in the Owner's Capital account Spiderland Company carned revenues of $50,000 and incurred expenses of $32,000 during 2022. The company had owner drawings of $10,000 during the year and there were no new investments during the year. 

Prepare the entries to close Income Summary and the Owner's Drawings account at December 31, 2022.

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