What will be the balance of the income summary account

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Reference no: EM131528452

Question: Argosy Company began the current period with a $14,000 credit balance in the D. Argosy, 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 . . . . . . . . . . . $35,000

Interest revenue . . . . . . . . . . . . . . . . $3,500

Salaries expense . . . . . . . . . . . . . 19,000 D.

Argosy, Withdrawals . . . . . . . . . . 6,000

Depreciation expense . . . . . . . . . 4,000

Utilities expense . . . . . . . . . . . . . . . . 2,300

After closing the revenue and expense accounts, what will be the balance of the Income Summary account? After all closing entries are journalized and posted, what will be the balance of the D. Argosy, Capital account?

Reference no: EM131528452

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