Using the following balances from the books of Silver Springs Co. as of December 31,...
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Accounting
Using the following balances from the books of Silver Springs Co. as of December 31, 2023, prepare the necessary journal entries to close the books, and create a statement of retained earnings.
Description | Debit (?) | Credit (?) |
Capital Account - Mia | 100,000 | |
Capital Account - Liam | 80,000 | |
Drawings - Mia | 10,000 | |
Drawings - Liam | 7,000 | |
Total Sales | 250,000 | |
Purchases | 120,000 | |
Wages | 60,000 | |
Rent | 25,000 | |
Office Supplies | 12,000 | |
Profit and Loss Account | 40,000 |
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