Exercise 4-5 Computing Income summary and ending capital balance from closing entries LO Capri Company began the current period with a $42.000 credit balance in the K. Capri. Capital account. At th the period, the company's adjusted account balances include the following temporary accounts with normal $112,000 $ 9,000 Service fees carned Salaries expense Depreciation expense 44,500 Interest revenue x. Capri, withdrawals Utilities expense 19,500 11,800 6,400 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close Revenues to Income Debit Credit Summary Service fees earned 112,000 Interest revenue 9,000 Income Summary 121,000 Debit Credit Step 2: Close Expenses to Income Summary Income Summary Salaries expense Depreciation expense Utilities expense 44,500 11,800 6.400 Income Summary 121,000 Revenues 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 Debit Credit Capital Income Summary K. Capri, Capital Step 4: Close Withdrawals to Capital K. Capri, Capital K. Capri, Withdrawals Beginning K. Capri, Capital 42,000 balance 0