On the basis of the following data taken from the adjusted trial balance columns of the worksheet for the year ended December 31 for Painting the Perfect Picture, journalize the four closing entries in the proper order.
Definitions:
Withdraw
The process of withdrawing money from a bank account or investment.
Compounded Monthly
It's the practice of assessing interest each month, by adding up both the initial amount invested or borrowed and the subsequent interest that's accumulated over time.
GIC's Maturity
The fixed date when a Guaranteed Investment Certificate (GIC) expires and the principal amount is returned to the investor along with the accrued earnings.
Invested
The act of allocating resources, usually money, to generate an income or profit.
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