Saved Capri Company began the current period with a $20,000 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. Service fees earned Salaries expense Depreciation expense $70,000 Interest revenue 38,000 K. Capri, withdrawals 8,000 Utilities expense $ 7,000 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 Step 2: Close Expenses to Income Summary Debit Credit Income Summary Income Summary 0 0 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 Capital Debit Credit Step 4: Close Withdrawals to Capital K. Capri Capital 20 000 Beginning balance