Using the year-end balances from the books of Crystal Waters Ltd. as of December 31,...
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Accounting
Using the year-end balances from the books of Crystal Waters 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 - Ella | 85,000 | |
Capital Account - Ethan | 95,000 | |
Drawings - Ella | 7,000 | |
Drawings - Ethan | 6,000 | |
Revenue | 270,000 | |
Cost of Goods Sold | 130,000 | |
Administrative Salaries | 60,000 | |
Rent | 25,000 | |
Miscellaneous Expenses | 12,000 | |
Profit and Loss Account | 35,000 |
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