Exercise 4-5 Determining effects of closing entries LO C1 Capri Company began the current period with a $20,000 credit balance in the K. Capri, Capital account. company's adjusted account balances include the following temporary accounts with normal balances. Service fees earned $70,000 Interest revenue Salaries expense Depreciation expense 8,000 Utilities expense $ 7,000 38,000 . Capri, Withdrawals 12,000 4,600 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close Revenues to Income Summary Debit Credit p 2: Close Expenses to Income Summary Debit Credit 2. After all closing entries are journalized and posted, what will be the balance Prev 1of Sl Next> FS F6 F7 Fl F2