Based on the balances from the books of Golden Harvest Co. as of December 31,...
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Accounting
Based on the balances from the books of Golden Harvest Co. as of December 31, 2023, prepare the necessary journal entries to close the books, and compile an income statement, balance sheet, and notes to the financial statements.
Description | Debit (?) | Credit (?) |
Capital Account - Ava | 95,000 | |
Capital Account - Logan | 105,000 | |
Drawings - Ava | 8,000 | |
Drawings - Logan | 9,000 | |
Sales | 320,000 | |
Purchases | 160,000 | |
Salaries | 70,000 | |
Rent | 35,000 | |
Miscellaneous Expenses | 15,000 | |
Profit and Loss Account | 28,000 |
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