Question

Using the following information, prepare a trial balance for the Bilello Electric Repair Company as of June 30, 2019, grouping together the asset, liability, equity, revenue, and expense accounts.

Accumulated depreciation—truck and tools			$	4,800
Accounts receivable				1,200
Truck and tools				24,000
Cash				4,000
Utilities expense				1,000
Depreciation expense—truck and tools				2,400
Electrical supplies inventory				3,000
Joe Bilello, Withdrawals				55,000
Joe Bilello, Capital				6,300
Electrical supplies expense				4,000
Service revenue				68,000
Rent expense				3,000
Notes payable				20,000
Truck expense				1,500

Trial Balance
	Debit	Credit
Cash	4000	0
Accounts receivable	1200	0
Electrical supplies inventory	3000	0
Truck and tools	24000	0
Accumulated depreciation, truck and tools	0	4800
Notes payable	0	20000
Joe Bilello, Capital	0	6300
Joe Bilello, Withdrawls	55000	0
Service revenue	0	68000
Utilities expense	1000	0
Rent expense	3000	0
Electrical supplies expense	4000	0
Truck expense	1500	0
Depreciation expense - truck and tools	2400	0
	99100	99100

Prepare the appropriate closing entry to close the books for Joe Bilello. Compute Joe Bilello’s net income for the period, and determine the ending balance in his Capital account.

Note:  Not all journal entry rows will be needed to complete the journal entry. Select "No additional entry needed" as your answer for any unnecessary journal entry rows and leave the Debit and Credit answer boxes blank (zero).

Description	Debit	Credit
AnswerJoe Bilello, CapitalService revenue	Answer	Answer
AnswerUtilities expenseNo additional entry needed	Answer	Answer
AnswerRent expenseNo additional entry needed	Answer	Answer
AnswerElectrical supplies expenseNo additional entry needed	Answer	Answer
AnswerTruck expenseNo additional entry needed	Answer	Answer
AnswerDepreciation expense- trucks and toolsNo additional entry needed	Answer	Answer
AnswerJoe Bilello, CapitalService revenue	Answer	Answer
AnswerUtilities expenseNo additional entry needed	Answer	Answer
AnswerRent expenseNo additional entry needed	Answer	Answer
AnswerElectrical supplies expenseNo additional entry needed	Answer	Answer
AnswerTruck expenseNo additional entry needed	Answer	Answer
AnswerDepreciation expense- trucks and toolsNo additional entry needed	Answer	Answer
To close revenue and expense accounts.
AnswerJoe Bilello, CapitalJoe Bilello, Withdrawals	Answer	Answer
AnswerJoe Bilello, CapitalJoe Bilello, Withdrawals	Answer	Answer
To close withdrawals account.

What is the ending balance is Joe Bilello's capital account?

Answer 1

Closing Entry - Bilello Electric Repair Company
Date	account and explanation	debit	credit
30-Jun	Service Revenue	$68,000
	Income summary		$68,000
	( close revenue account)
30-Jun	Income summary	$11,900
	Truck Expense		$1,500
	Rent Expense		$3,000
	Utiity Expense		$1,000
	Depreciation Expense		$2,400
	Electrical Supplies Expense		$4,000
	( close expense account)
30-Jun	Income summary	$56,100
	Joe Bilello , Capital		$56,100
	( close income summary account)
30-Jun	Joe Bilello , Capital	$55,000
	Joe Bilello , Drawing		$55,000
	( close drawing account)

Net Income :- $56100

ending balance is Joe Bilello's capital account:- 7400

Refrence

Joe Bilello , Capital
Date	Explanation	Debit	Credit	Balance
1-Jul	Beginning Balance			$6,300.00
30-Jun	Income Summary		$56,100.00	$62,400.00
31-Jul	Owner's , Drawing	$55,000.00		$7,400.00