Capital account after the entries

Assignment Help Accounting Basics

Reference no: EM131040839

The income statement of Gentry's Shoe Repair is as follows:
GENTRY'S SHOE REPAIR
Income Statement
For the Month Ended April 30, 2016
Revenue
Shoe Repair Revenue $7,500
Expenses
Salaries Expense $3,400
Depreciation Expense 350
Utilities Expense 400
Rent Expense 600
Supplies Expense 1,050
Total Expenses 5,800
Net Income $1,700

On April 1, the owner, Lee Gentry, had a capital balance of $12,900. During April, Gentry withdrew $3,000 cash for personal use.
Instructions

(a) Prepare closing entries at April 30.
(b) Determine the balance in L. Gentry, Capital account after the entries have been posted.

Reference no: EM131040839

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