1. Wendy:...Well, it also details the owner's capital, but we'll deal with that later.

2. Wendy:...Well, it also details the owner's capital, but we'll deal with that later. See here? The dates are at the top of each page.

3. Close the income summary account by transferring its balance into the owner's capital account.

4. In that case, the closing of the income summary account requires a debit to the owner's capital account and a credit to the income summary account.

5. Close the account of owner's withdrawals by transferring its balance into the owner's capital account.

6. Closing the account of withdrawals, therefore, means transferring its debit balance to the owner's capital account.