12 4. 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 $1,575 2,650 Utility Expense Amortization Expense-Furniture Delivery Expense 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 The owner withdrew $8,000 from the business. 1) Prepare the closing entries for the year using the journal below. Date Account Title 2) Calculate the end of year balance of E. Boyle, Capital. Debit Credit