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Capri Company began the current period with a $25,000 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 $116,000 Interest revenue $ 8,400 Salaries expense 46,000 K. Capri, Withdrawals 10,800 Utilities expense 20,500 4,600 Depreciation expense

Capri Company began the current period with a $25,000 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 $116,000 Interest revenue $ 8,400 Salaries expense 46,000 K. Capri, Withdrawals 10,800 Utilities expense 20,500 4,600 Depreciation expense

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Capri Company began the current period with a $25,000 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. $116,000 Interest revenue Service fees earned Salaries expense Depreciation expense 46,000 K. Capri, Withdrawals 10,800 Utilities expense $ 8,400 20,500 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 0 0 2. After all closing entries are iournalized and posted. what will be the balance
Transcribed Image Text:Capri Company began the current period with a $25,000 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. $116,000 Interest revenue Service fees earned Salaries expense Depreciation expense 46,000 K. Capri, Withdrawals 10,800 Utilities expense $ 8,400 20,500 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 0 0 2. After all closing entries are iournalized and posted. what will be the balance
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