Business, 10.03.2020 01:37 ineedhelpplz40
Exercise 4-5 Computing income summary and ending capital balance from closing entries LO C1, P2 Capri Company began the current period with a $20,000 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 70,000
Salaries expense 38,000
Depreciation expense 8,000
Interest revenue 7,000
K. Capri, Withdrawals 12,000
Utilities expense 4,000
After closing the revenue and expense accounts, what will be the balance of the Income Summary account?
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Exercise 4-5 Computing income summary and ending capital balance from closing entries LO C1, P2 Capr...
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