18. Which answer would represent the proper closing out of profit or loss for the period? a. debit income summary for 11,600 b. debit capital for 11,600 c. credit income summary for 12,300 d. credit capital 12,300 19. Which answer would represent the proper entry for closing out the withdrawals? a. debit withdrawals for 4,800 D debit capital for 4,800 c. credit income summary for 4,800 d. none of the above are correct After recording the proper closing entries what is Capital account balance at the end of the period? a. $20,725 b. $13,925 c. $20,600 d. $15,500/ 0. 18. Which answer would represent the proper closing out of profit or loss for the period? a. debit income summary for 11,600 b. debit capital for 11,600 c. credit income summary for 12,300 d. credit capital 12,300 19. Which answer would represent the proper entry for closing out the withdrawals? a. debit withdrawals for 4,800 D debit capital for 4,800 c. credit income summary for 4,800 d. none of the above are correct After recording the proper closing entries what is Capital account balance at the end of the period? a. $20,725 b. $13,925 c. $20,600 d. $15,500/ 0