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2 Epic North Coffee (Eric Boyle, owner) started the year with a beginning capital balance of $20,000. During the year the business earned $40,000 of service revenue and incurred the following expenses: Advertising Expenses Rent Expense Utility Expense Amortization Expense-Furniture Delivery Expense $1,575 2,650 1,925 924 1,800 The owner withdrew $8,000 from the business. 1) Prepare the closing entries for the year using the journal below. Date Account Title Debit Credit

2 Epic North Coffee (Eric Boyle, owner) started the year with a beginning capital balance of $20,000. During the year the business earned $40,000 of service revenue and incurred the following expenses: Advertising Expenses Rent Expense Utility Expense Amortization Expense-Furniture Delivery Expense $1,575 2,650 1,925 924 1,800 The owner withdrew $8,000 from the business. 1) Prepare the closing entries for the year using the journal below. Date Account Title Debit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2 Epic North Coffee (Eric Boyle, owner) started the year with a beginning capital balance of $20,000. During the year the business earned $40,000 of service revenue and incurred the following expenses: Advertising Expenses Rent Expense Utility Expense Amortization Expense-Furniture Delivery Expense $1,575 2,650 1,925 924 1,800 The owner withdrew $8,000 from the business. 1) Prepare the closing entries for the year using the journal below. Date Account Title Debit Credit
Transcribed Image Text:2 Epic North Coffee (Eric Boyle, owner) started the year with a beginning capital balance of $20,000. During the year the business earned $40,000 of service revenue and incurred the following expenses: Advertising Expenses Rent Expense Utility Expense Amortization Expense-Furniture Delivery Expense $1,575 2,650 1,925 924 1,800 The owner withdrew $8,000 from the business. 1) Prepare the closing entries for the year using the journal below. Date Account Title Debit Credit
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