Capri Company began the current period with a $20,000 credit balance in the K. Capri. Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. Services revenue $ 78,000 Interest revenue $ 7,eee Salaries expense 38,000 K Capri, Withdrawals 12,000 Depreciation expense 8,000 Utilities expense 4,600 1. After closing the revenue and expense accounts, what is the balance of the Income Summary account? Step 1: Close Revenues to Income Summary Debit Credit Services revenue 70,000 interest revenue 7,000 ances Credit Debit 38,000 Step 2: Close Expenses to Income Summary Sales expense Depreciation expense Utes experts 8,000 4,600 Income Summary 0 0 Income Summary 0 2. After all closing entries are journalized and posted, what is the balance of the K. Capri, Capital account? es Debit Credit Step 3: Close Income Summary to Capital K. Capri, Capital 26,400 Step 4: Close Withdrawals to Capital K. Capri, Capital K. Capri, Withdrawals 12,000 12,000 Beginning balance K. Capri, Capital 20,000 0 12,000 Withdrawals Balance 8,000