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The income statement of Gentry's Shoe Repair is as follows: GENTRYS SHOE REPAIR...

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Accounting

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

GENTRYS 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.

Required:

(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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