Using the balances from the books of Sunrise Ventures as of December 31, 2023, prepare...
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Accounting
Using the balances from the books of Sunrise Ventures as of December 31, 2023, prepare the necessary journal entries to close the books, and draft an income statement, balance sheet, and statement of retained earnings.
Description | Debit (?) | Credit (?) |
Capital Account - Mia | 80,000 | |
Capital Account - Noah | 90,000 | |
Drawings - Mia | 6,000 | |
Drawings - Noah | 7,000 | |
Revenue | 220,000 | |
Cost of Goods Sold | 100,000 | |
Administrative Expenses | 50,000 | |
Utilities | 20,000 | |
Depreciation | 12,000 | |
Profit and Loss Account | 25,000 |
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