Capri Company began the current period with a $39,000 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.

Capri Company began the current period with a $39,000 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. Service fees earned Salaries expense Depreciation expense $78,000 Interest revenue 44,500 K. Capri, Withdrawals 10,200 Utilities expense $ 7,600 15,000 6,700 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Debit Credit Step 1: Close Revenues to Income Summary Service fees earned 78,000 7,600 Interest revenue Income Summary 85,600 Credit Debit 61,400 Step 2: Close Expenses to Income Summary Income Summary Salaries expense Depreciation expense Utilities expense 44,500 10,200 6,700 Income Summary 85,600 Revenues Expenses Balance 61,400 24,200 2. After all closing entries are journalized and posted, what will be the balance of the K. Capri, Capital account? Step 3: Close Income Summary to Capital Debit Credit Step 4: Close Withdrawals to Capital Beginning balance K. Capri, Capital 39,000 0