ces Capri Company began the current period with a $44,000 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 $ 108,000 Interest revenue 39,500 K. Capri, Withdrawals 8,000 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 Step 2: Close Expenses to Income Summary Step 4: Close Withdrawals to Capital Debit Beginning balance Debit Credit 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 Income Summary Debit Credit K. Capri, Capital 44,000 $ 9,800 17,000 6,800

Capri Company began the current period with a $44,000 credit balance in the K. Caprl, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts w th normal balances. 1. Afer closing the revenue and expense accounts, what is the balance of the income Summary accoum? 2. After all closing entries are journalieed and posted, what is the balanee of the K. Cepri, Capital accounn