Capri Company began the current period with a $45,000 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. Services revenue Salaries expense Depreciation expense $ 76,000 Interest revenue 37,500 K. Capri, Withdrawals 9,000 Utilities expense 1. After closing the revenue and expense accounts, what is the balance of the Income Summary account? Step 1: Close Revenues to Income Summary Step 2: Close Expenses to Income Summary Debit Debit Credit Credit Income Summary Debit After all closing entries are journalized and posted, what is the balance of e K. Capri, Capital account? ep 3: Close Income Summary to Capital Credit $ 10,000 18,000 6,900

Capri Company began the current period with a $45,000 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. Services revenue Salaries expense Depreciation expense $ 76,000 Interest revenue 37,500 K. Capri, Withdrawals 9,000 Utilities expense 1. After closing the revenue and expense accounts, what is the balance of the Income Summary account? Step 1: Close Revenues to Income Summary Step 2: Close Expenses to Income Summary Debit Debit Credit Credit Income Summary Debit After all closing entries are journalized and posted, what is the balance of e K. Capri, Capital account? ep 3: Close Income Summary to Capital Credit $ 10,000 18,000 6,900

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 6E: After all revenue and expenses have been closed at the end of the fiscal period ended December 31,...

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