Question
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
- 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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Horngrens Financial And Managerial Accounting The Financial Chapters
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
6th Edition
978-0134486840, 134486838, 134486854, 134486846, 9780134486833, 978-0134486857
