I need to do an up to date profit & loss statement, one of the year end notes is:?

Question

No entry was made in the books to record the withdrawal of goods to the value of $2200 for personal use... Do I debit closing stock & credit drawings?

Answer 1

No. The other way around.

Credit closing stock $2,200
Debit an operating expense $2,200 - or accrued receivables if the person drawing down the stocks is going to owe the company.

Remember debiting an asset means MORE of the asset, not less. "Drawings" sounds like a made up liability or expense. It's an expense if the person doesn't owe it back. It's a accrued receivable if they owe it back (and it's accrued receivable instead of accounts payable because it isn't invoiced).

Answer 2

for 1 03 its (A) for 2 13 its (B) for 3 90 its (D) for 4 81 is (A) for 5 96 its (B) for 6 162 (i don't no) And for the rest i don't no im so sorry