The Income Statement Columns of the Work Sheet Prepared for Crawford

question 100

Essay

The Income Statement columns of the work sheet prepared for Crawford Delivery Service at current year-end are shown below.In addition,L.Crawford,Capital had a credit balance of $117,000 and L.Crawford,Withdrawals had a debit balance of $30,000 at year end.Prepare closing journal entries for this company.

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Definitions:

Note Payable

A written promise to pay a specified amount of money, usually including interest, by a certain date.

Note Payable

A written promise to pay a specific sum of money on a certain date, or on demand, to the holder of the note, which can be short-term or long-term.