Question

Prepare the appropriate closing entry based on the information in E15- 14. Compute Joe Bilello’s net income for the period, and determine the ending balance in his Capital account.

In E15- 14.
Using the following information, prepare a trial balance for the Bilello Electric Repair Company as of June 30, 2013, grouping together the asset, liability, equity, revenue, and expense accounts.
Accumulated depreciation— truck and tools...... $ 4,800
Accounts receivable ............... 1,200
Truck and tools ................. 24,000
Cash ..................... 4,000
Utilities expense ................ 1,000
Depreciation expense— truck and tools....... 2,400
Electrical supplies inventory ............ 3,000
Joe Bilello, Withdrawals .............. 55,000
Joe Bilello, Capital ................ 6,300
Electrical supplies expense ............ 4,000
Service revenue ................. 68,000
Rent expense .................. 3,000
Notes payable.................. 20,000
Truck expense.................. 1,500




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  • CreatedDecember 30, 2014
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