- Capri Company Began The Current Period With A 21 000 Credit Balance In The K Capri Capital Account At The End Of The 1 (88.05 KiB) Viewed 66 times
- Capri Company Began The Current Period With A 21 000 Credit Balance In The K Capri Capital Account At The End Of The 2 (64.23 KiB) Viewed 66 times
Capri
Company began the current period with a $21,000 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 $ 86,000 Interest revenue 41,000 K. Capri, Withdrawals 12,000 utilities expense $ 10,000 12,500 6,600 Depreciation 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 Debit Credit Services revenue Interest revenue Income Summary Step 2: Close Expenses to Income Summary Income Summary 96.000 Salaries expense 41.000 12,000 Depreciation expense Uslities expense 6,600 Income Summary Revenues 96.000 2. After all closing entries are journalized and posted, what is the balance of the K. Capri, Capital account? Step 3: Close Income Summary to Capital Debit Credit Income Summary K. Capri, Capital Step 4: Close Withdrawals to Capital K Capri Capital K. Capri. Withdrawals Next > to search 3 86,000 10,000 Debit 12,500 96,000 Credit 12.500 Prav 1 of 6
ces Income Summary Step 2: Close Expenses to Income Summary 96,000 Income Summary 41,000 Salaries expense 12,000 Depreciation expense Utilities expense 6,600 Income Summary Revenues 96,000 2. After all closing entries are journalized and posted, what is the balance of the K. Capri, Capital account? Step 3: Close Income Summary to Capital Debit Credit Income Summary K. Capri, Capital Step 4: Close Withdrawals to Capital K. Capri, Capital K Capri, Withdrawals ére to search Beginning balance. Withdrawals Balance #D Debit 96,000 B G Credit 12,500 K. Capri, Capital 12.500 12.500 21,000 0 8,500 Prov