Using the balances from the books of Sunrise Ventures as of December 31, 2023, prepare...
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Accounting
Using the balances from the books of Sunrise Ventures as of December 31, 2023, prepare the necessary journal entries to close the books, and draft an income statement, balance sheet, and statement of retained earnings.
Description
Debit (?)
Credit (?)
Capital Account - Mia
80,000
Capital Account - Noah
90,000
Drawings - Mia
6,000
Drawings - Noah
7,000
Revenue
220,000
Cost of Goods Sold
100,000
Administrative Expenses
50,000
Utilities
20,000
Depreciation
12,000
Profit and Loss Account
25,000
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