the income statement of gentry s shoe repair is as follows gentry s shoe repair inco 1552290

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.

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