Capri Company began the current period with a $37,000 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$86,000 Interest revenue$11,800 Salaries expense 45,500 K. Capri, Withdrawals 15,000 Depreciation expense 11,600 Utilities expense 6,200 Capri Company began the current period with a $37,000 credit balance in the K. Capri, Capital account. At the end of the period, thecompany's adjusted account balances include the following temporary accounts with normal balances.Service fees earnedsalaries expenseDepreciation expense$86,000 Interest revenue45,500 K. Capri, Withdrawals11,600 Utilities expense1. After closing the revenue and expense accounts, what will be the balance ofthe Income Summary account?Step 1: Close Revenues to Income SummaryStep 2: Close Expenses to Income SummaryStep 4: Close Withdrawals to CapitalDebitBeginning balanceDebit$11,80015,0006, 200Credit2. After all closing entries are journalized and posted, what will be the balanceof the K. Capri, Capital account?Step 3: Close Income Summary to CapitalDebitCreditIncome SummaryCreditK. Capri, Capital37,000

Adjusted Account Balance: A trial balance that has been changed provides a listing of the account…

Answered: Capri Company began the current period…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter3: Processing Accounting Information

Section: Chapter Questions

Problem 3.12MCE: Determining an Ending Account Balance Jessies Accounting Services was organized on June 1. The...

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Capri Company began the current period with a $37,000 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	$	86,000	Interest revenue	$	11,800
Salaries expense		45,500	K. Capri, Withdrawals		15,000
Depreciation expense		11,600	Utilities expense		6,200

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