Capri Company began the current period with a $24,000 credit balance in the K. Capri, Capital account. At the end of the period, the companys adjusted account balances include the following temporary accounts with normal balances.

Services revenue	$ 110,000	Interest revenue	$ 7,200
Salaries expense	47,500	K. Capri, Withdrawals	16,500
Depreciation expense	9,000	Utilities expense	4,900

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
Step 2: Close Expenses to Income Summary	Debit	Credit
	Income Summary
0
0
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	Debit	Credit
Step 4: Close Withdrawals to Capital
	K. Capri, Capital
Beginning balance		24,000
		0