Based on the balances from the books of Golden Harvest Co. as of December 31,...
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Accounting
Based on the balances from the books of Golden Harvest Co. as of December 31, 2023, prepare the necessary journal entries to close the books, and compile an income statement, balance sheet, and notes to the financial statements.
Description
Debit (?)
Credit (?)
Capital Account - Ava
95,000
Capital Account - Logan
105,000
Drawings - Ava
8,000
Drawings - Logan
9,000
Sales
320,000
Purchases
160,000
Salaries
70,000
Rent
35,000
Miscellaneous Expenses
15,000
Profit and Loss Account
28,000
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