Below are the balances from the books of Blue Ridge Enterprises as of December 31,...
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Accounting
Below are the balances from the books of Blue Ridge Enterprises as of December 31, 2023. Prepare the necessary journal entries to close the books and draft an income statement and balance sheet.
Description | Debit (?) | Credit (?) |
Capital Account - John | 60,000 | |
Capital Account - Doe | 70,000 | |
Drawings - John | 6,000 | |
Drawings - Doe | 4,000 | |
Sales | 150,000 | |
Purchases | 80,000 | |
Salaries | 40,000 | |
Rent | 15,000 | |
Office Expenses | 10,000 | |
Profit and Loss Account | 35,000 |
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