Given the year-end balances from Ocean Wave Enterprises as of December 31, 2023, prepare the...
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Accounting
Given the year-end balances from Ocean Wave Enterprises as of December 31, 2023, prepare the necessary journal entries to close the books and draft the income statement and a statement of changes in equity.
Description | Debit (?) | Credit (?) |
Capital Account - Sophia | 85,000 | |
Capital Account - Mason | 95,000 | |
Drawings - Sophia | 7,000 | |
Drawings - Mason | 6,000 | |
Service Income | 240,000 | |
Cost of Services | 130,000 | |
Administrative Expenses | 50,000 | |
Depreciation | 20,000 | |
Office Supplies | 12,000 | |
Profit and Loss Account | 30,000 |
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