Exercise $4-5($Algo$)$ Computing income summary and ending capital balance from closing entries LO P$2$

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$ $98,000$Interest revenue$ $11,000$Salaries expense$47,500$K$.$ Capri, Withdrawals$14,000$Depreciation expense$8,000$Utilities expense$5,700$

Exercise $4-5($Algo$)$ Computing income summary and ending capital balance from closing entries LO P$2$

Capri Company began the current period with a $\backslash (\backslash$$ $21,000\backslash )$ 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.

$1.$ After closing the revenue and expense accounts, what is the balance of the Income Summary account?

$2.$ After all closing entries are journalized and posted, what is the balance of the K$.$ Capri, Capital account?

Step $4$: Close Withdrawals to Capital