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begin{tabular}{|c|c|c|} hline Step 2: Close Expenses to Income Summary & Debit & Credit hline hline hline hline multicolumn{3}{|l|}{begin{tabular}{|l|l|} end{tabular}}

image text in transcribedimage text in transcribedimage text in transcribed \begin{tabular}{|c|c|c|} \hline Step 2: Close Expenses to Income Summary & Debit & Credit \\ \hline \\ \hline \\ \hline \\ \hline \multicolumn{3}{|l|}{\begin{tabular}{|l|l|} \\ \end{tabular}} \\ \hline & \multicolumn{2}{|c|}{ Income Summary } \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \multicolumn{3}{|c|}{2.Afterallclosingentriesarejournalizedandposted,whatisthebalanceoftheRetainedEarningsaccount?} \\ \hline Step 3: Close Income Summary to Retained earnings & Debit & Credit \\ \hline \multicolumn{3}{|l|}{=} \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|c|r|r|} \hline Step 4: Close Dividends \\ \hline & \multicolumn{3}{|l|}{} \\ \hline \multicolumn{3}{|c|}{ Retained Earnings Account } \\ \hline & & \\ \hline Beginning balance & & \\ \hline Dividends & & \\ \hline & & \\ \hline \end{tabular} Exercise 3-18 (Algo) Computing Income Summary and ending retained earnings from closing entries LO P6 Capri Company began the current period with a $41,000 credit balance in the Retained Earnings account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. 1. After closing the revenue and expense accounts, what is the balance of the Income Summary account

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