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Capri Company began the current period with a $20,000 credit balance in the K. Capri,...

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Accounting

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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 Salaries expense Depreciation expense $70,000 Interest revenue 38,800 K. Capri, Withdrawals 8,000 Utilities expense $ 7.000 12,000 4,600 ences 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 Multiple Choice Question Given that a company reported net income for the year, determine how a company would complete its work sheet for the period by choosing the correct statement below O The Owner, Capital account ending balance, reflected in the credit column of the Balance Sheet would include the net income The company would add the net income amount to the Credit column of the Balance Sheet & Owner's Equity columns of a worksheet The net income would be added to the credit column of the come Statement columns

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