The income statement of Fezzik's Shoe Repair is as follows: On April 1, the Owner's Capital account

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The income statement of Fezzik's Shoe Repair is as follows:

FEZZIK'S SHOE REPAIR Income Statement For the Month Ended April 30, 2016 Revenue $9,500 Service Revenue Expenses: Salari

On April 1, the Owner's Capital account had a balance of $12,900. During April, Fezzik withdrew $3,000 cash for personal use.
Prepare closing entries at April 30.
Prepare an owner's equity statement for the month of April.

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Financial Reporting and Analysis

ISBN: 978-0078025679

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Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon

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Question Posted: Dec 04, 2017 09:22 AM

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The income statement of Fezzik's Shoe Repair is as follows: On April 1, the Owner's Capital account

Question:

FEZZIK'S SHOE REPAIR Income Statement For the Month Ended April 30, 2016 Revenue $9,500 Service Revenue Expenses: Salaries and Wages Expense $4,200 Depreciation Expense 350 Utilities Expense 400 Rent Expense 600 Supplies Expense 1,050 Total Expenses 6,600 Net Income $2,900

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General Journal closing Entries Date Explanation Debit Credit 30Apr ...View the full answer

Financial Reporting and Analysis

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