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

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

FEZZIK’S SHOE REPAIR
Income Statement
For the Month Ended April 30, 2014

Revenue
    Service Revenue            $9,500
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

On April 1, the Owner’s Capital account had a balance of $12,900. During April, Fezzik withdrew $3,000 cash for personal use.

Instructions

(a)    Prepare closing entries at April 30.

(b)    Prepare an owner's equity statement for the month of April.

                                      

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