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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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