What is the balance of the income summary account?

Irvine Company began the current period with a $35,000 credit balance in the M. Irvine, 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 $ 42,000 Interest revenue $ 8,000


Salaries expense 31,000 M. Gloriosa, Withdrawals 9,200


Depreciation expense 11,000 Utilities expense 5,000





After closing the revenue and expense accounts, what will be the balance of the Income Summary account?|||Revenues are credited and expenses are debited to the Income Summary account. The Drawing account is debited directly to the Capital account. So the Income Summary account will have a credit (gain) balance of $3,000. This will be transferred to the Capital account as a credit. Drawing will be transferred to the Capital account as a debit. At the end of closing, the Capital account will have a credit balance of $28,800.