Capri Company began the current period with a $29,000 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 $ 116,000 Interest revenue 46,000 K. Capri, Withdrawals 9,200 Utilities expense $ 8,200 22,000 6,100 1. After closing the revenue and expense accounts, what is the balance of the Income Summary account? Debit Credit Step 1: Close Revenues to Income Summary Interest revenue Services revenue Income Summary 8,200 116,000 124,200 Debit Credit 61,300 Step 2: Close Expenses to Income Summary Income Summary Salaries expense Depreciation expense Utilities expense 46,000 9,200 6.100 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 29,000 0 1. After closing the revenue and expense accounts, what is the balance of the Income Summary account? Debit Credit 8,200 Step 1: Close Revenues to Income Summary Interest revenue Services revenue Income Summary 116,000 124,200 1:32 Debit Credit 61,300 Step 2: Close Expenses to Income Summary Income Summary Salaries expense Depreciation expense Utilities expense 46,000 9,200 6.100 Income Summary 124.200 Revenues Expenses 61,300 Balance 62,900