Determining effects of closing entries Gloriosa Company began the current period with a \($28,000\) credit balance in the M. Gloriosa, Capital account. At the end of the period, the company’s adjusted account balances include the following temporary accounts with normal balances.

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 M. Gloriosa, Capital account

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Service fees earned $45,000 Interest revenue $6,000 Salaries expense 29,000 M. Gloriosa, Withdrawals 7.200 Depreciation expense 9,000 Utilities expense 3,000