Using the trial balance of Mountain Peak Ltd. as of December 31, 2023, prepare the...
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Accounting
- Using the trial balance of Mountain Peak Ltd. as of December 31, 2023, prepare the necessary journal entries to close the books and draft the financial statements.
Description | Debit (?) | Credit (?) |
Capital Account - Alex | 75,000 | |
Capital Account - Jamie | 55,000 | |
Drawings - Alex | 8,000 | |
Drawings - Jamie | 5,000 | |
Revenue | 200,000 | |
Cost of Goods Sold | 90,000 | |
Administrative Expenses | 50,000 | |
Utilities | 20,000 | |
Miscellaneous Expenses | 7,000 | |
Profit and Loss Account | 28,000 |
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