Capri Company began the current period with a $20,000 credit balance in the K. Capri, Capital account.
Question:
After closing the revenue and expense accounts, what will be the balance of the Income Summary account? After all closing entries are journalized and posted, what will be the balance of the K. Capri, Capitalaccount?
Transcribed Image Text:
7,000 12,000 4,600 Interest revenue Service fees earned Salaries expense Depreciation expense $70,000 38,000 K. Capri, Withdrawals 8,000 Utilities expense. ..
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Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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