Given the balances from the books of Red Maple Traders as of December 31, 2023,...
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Accounting
Given the balances from the books of Red Maple Traders as of December 31, 2023, prepare the necessary journal entries to close the books and draft an income statement and a balance sheet.
Description | Debit (?) | Credit (?) |
Capital Account - Noah | 90,000 | |
Capital Account - Emma | 85,000 | |
Drawings - Noah | 9,000 | |
Drawings - Emma | 8,000 | |
Service Revenue | 180,000 | |
Cost of Services | 100,000 | |
Operating Expenses | 50,000 | |
Depreciation | 20,000 | |
Miscellaneous Expenses | 10,000 | |
Profit and Loss Account | 27,000 |
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