Question
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,
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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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
16th edition
0077664078, 978-0077664077, 78111048, 978-0078111044
