Capri Company began the current period with a $43,000 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 $ 84,000 Interest revenue 43,500 K. Capri, Withdrawals 8,800 Utilities expense 1. After closing the revenue and expense accounts, what is the balance of the Income Summary account? Step 1: Close Revenues to Indume Summary Step 2: Close Expenses to Income Summary 0 0 Debit Debit Credit Credit Income Summary Debit 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 Credit $ 10,400 16,000 5,500

4 Capri Company began the current period with a $43,000 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 $ 84,000 Interest revenue 43,500 K. Capri, Withdrawals 8,800 Utilities expense 1. After closing the revenue and expense accounts, what is the balance of the Income Summary account? Step 1: Close Revenues to Incume Summary Debit Credit Step 2: Close Expenses to Income Summary Debit Credit Income Summary 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 $ 10,400 16,000 5,500)