Given the balances from the books of Red Maple Traders as of December 31, 2023,...
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Accounting
Given the balances from the books of Red Maple Traders as of December 31, 2023, prepare the necessary journal entries to close the books and draft an income statement and a balance sheet.
Description
Debit (?)
Credit (?)
Capital Account - Noah
90,000
Capital Account - Emma
85,000
Drawings - Noah
9,000
Drawings - Emma
8,000
Service Revenue
180,000
Cost of Services
100,000
Operating Expenses
50,000
Depreciation
20,000
Miscellaneous Expenses
10,000
Profit and Loss Account
27,000
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