Comping the Accounting Cycle Search Textbook Closing the temporary accounts at the end of each accounting period:* 1 point Serves to transfer the effects of these accounts to the proper owner's equity account on the balance sheet Gives the drawings account a zero balance Gives the revenue and expense accounts zero balances All of these answers are correct Given the following accounts and their adjusted balances before closing entries are posted, what amount will be posted to Joe King, Capital in the process of closing the Income Summary account? Joe King, Capital $7,000 Joe King, Drawings 9,600 Revenue 29,000 Rent Expense 3,600 Salaries Expense 7,200 Insurance Expense 920 Depreciation Expense, 500 Equipment Accumulated 1,500 Depreciation, Equipment $7,180 credit $16,780 debit $16,780 credit $18,280 credit 1 point