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Caprl Company began the current period with a $20,000 credit balance in the K. Caprl,...

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Accounting

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Caprl Company began the current period with a $20,000 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 barned salaries expense Depreciation expense $70,000 Interest revenue 38,000 X. 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? Dep 11 Close Revenues to income Summary Debit Credit Step 2: Close Expenses to Income Summary Dobit Credit Income Summary 2. After all closing entries are Journalised and posted, what will be the balance of the K. Capri Capital account? Step 3 Clone Income Summary to Capital Debit Credit Step 1: Close Revenues to Income Summary Debit Credit Step 2: Close Expenses to Income Summary Debit Credit Income Summary 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 Stap 4: Close Withdrawals to Capital X. Capri, Capital 20,000 Beginning balance

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