Capri Company began the current period with a $21,000 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 Salaries expense Depreciation expense $86,000 Interest revenue 41,000 K. Capri, Withdrawals 12,000 Utilities expense 1. After closing the revenue and expense accounts, what is the balance of the Income Summary account? Step 1: Close Revenues to Income Summary Services revenue Interest revenue Debit Credit 86,000 10,000 96,000 Income Summary Step 2: Close Expenses to Income Summary Debit Credit 96,000 Income Summary Salaries expense Depreciation expense Usities expense 41,000 12,000 6,600 Income Summary Revenues 96.000 o search 2. After all closing entries are journalized and posted, what is the balance of the K. Capri, Capital account? Step 3: Close Income Summary to Capital Income Summary Debit Credit K Capri, Capital Step 4: Close Withdrawals to Capital K Cape Capital K. Capri, Withdrawals ED C 12.500 12.500 7 5 10,000 12,500 6,600 Prev 1 of 6 Next > US Income Summary Step 2: Close Expenses to Income Summary Income Summary Salaries expense Depreciation expense Utilities expense 96,000 Debit Credit 96,000 41,000 12,000 6,600 Income Summary Revenues 96,000 Ces 2. After all closing entries are journalized and posted, what is the balance of the K. Capri, Capital account? Step 3: Close Income Summary to Capital Income Summary K Capri, Capital Step 4: Close Withdrawals to Capital K. Capri, Capital Debit Credit re to search K. Capri, Withdrawals 12,500 12,500 K. Capri, Capital Beginning balance 21.000 0 Withdrawals Balance 12.500 8,500 7 O 0 Prev