Using the final balances from Evergreen Solutions as of December 31, 2023, prepare the necessary...
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Accounting
Using the final balances from Evergreen Solutions as of December 31, 2023, prepare the necessary journal entries to close the books, and compile the income statement, balance sheet, and statement of cash flows.
Description | Debit (?) | Credit (?) |
Capital Account - Olivia | 110,000 | |
Capital Account - Ethan | 100,000 | |
Drawings - Olivia | 12,000 | |
Drawings - Ethan | 10,000 | |
Sales Revenue | 300,000 | |
Cost of Goods Sold | 150,000 | |
Administrative Salaries | 70,000 | |
Rent | 30,000 | |
Office Expenses | 15,000 | |
Profit and Loss Account | 40,000 |
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