The income statement of Fezzik's Shoe Repair is as follows: On April 1, the Owner's Capital account
Question:
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.
Transcribed Image Text:
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
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Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
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