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Please review my work and provide full answer. Capri Company began the current period with a $24,000 credit balance in the K. Caprl. Capital account.
Please review my work and provide full answer.
Capri Company began the current period with a $24,000 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 with normal balances. Service fees earned Salaries expense Depreciation expense $74,808 Interest revenue 45,698 K. Capri, Withdrawals 11,800 Utilities expense $ 8,680 22,888 6,888 Answer is not complete. 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 Service fees earned Interest revenue Income Summary OOO Debit Credit Step 2: Close Expenses to Income Summary Income Summary Depreciation expense Utilities expense Salaries expense OOOO Income Summary 2. After all closing entries are joumalized and posted, what will be the balance of the K. Capri, Capital account? Step 3: Close Income Summary to Capital Debit Credit Income Summary K. Capri Capital olo Step 4: Close Withdrawals to Capital K. Capri, Capital K. Capri, Withdrawals olo Beginning balance K. Capri, Capital 24.000 0Step by Step Solution
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