As of December 31, 2023. Prepare the necessary journal entries to close the books.DescriptionDebit (?)Credit...
70.2K
Verified Solution
Link Copied!
Question
Accounting
- As of December 31, 2023. Prepare the necessary journal entries to close the books.
Description | Debit (?) | Credit (?) |
Capital Account - Raj | 50,000 | |
Capital Account - Simran | 40,000 | |
Drawings - Raj | 5,000 | |
Drawings - Simran | 3,000 | |
Sales | 120,000 | |
Purchases | 60,000 | |
Salaries | 30,000 | |
Rent | 10,000 | |
Office Expenses | 5,000 | |
Profit and Loss Account | 27,000 |
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.