00:02
We need to record journal entries for the adjusted balances.
00:10
Sales no.
00:12
Particulars, lf set to be ledger folio, amount, debit column, amount, credit column.
00:29
First one, close the revenue accounts to retained earnings.
00:33
So, sales, revenue, account debit to retained earnings, account.
00:54
Value we have is 2 lakh on both the sides.
01:03
Next, close the expense accounts to retained earnings.
01:09
So, automobiles, expense, account debit, insurance expense, account debit, salaries expense, account debit, supplies expense, account debit to retained earnings, account.
02:13
Amount we have on debit side, it will be 24 ,575...