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The owner of Dynamo Stores has come to you for assistance because his bookkeeper has just moved to another city. The following is the only
The owner of Dynamo Stores has come to you for assistance because his bookkeeper has just moved to another city. The following is the only information his bookkeeper left him.
- Balance sheets as of December 31, 2020 and 2021.
- The owner withdrew $149,250 in 2021 for his personal use.
- The business incurred total expenses of $241,350 for 2021, of which $186,750 was for wages and $54,600 was for advertising.
| 2021 | 2020 | |||||
| Assets | $ | 241,350 | $ | 292,950 | ||
| Liabilities | $ | 54,600 | $ | 82,950 | ||
| Capital | 186,750 | 210,000 | ||||
| $ | 241,350 | $ | 292,950 | |||
Required: 1. Calculate the profit and total revenue for 2021.
2. Prepare closing entries for 2021.
2F%252Fne Saved 2. Prepare closing entries for 2021. View transaction list 8:46 Journal entry worksheet Note: Enter debits before credits. Date General Journal Dec 31, 2018 Debit Credit Record entry Clear entry View general journal (Prev 1 of 1 Next DOLL F3 F4 K F5 F6 F7 8 F9. F10 Il a * # / 3 $ 4 % 1 ? 5 6 7 & 7 8 2 9
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