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Dated PR Debit Credit Balance May 31 Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). M. Muncel, Capital General Ledger Account Number 622 Balance Account Number 301 Salaries Expense Date PR Debit Credit G2 83,000 May 31 G2 41,500 M. Muncel, Withdrawals Date PR Debit Account Number 302 Credit Insurance Expense Account Number 637 Balance Date PR Debit Credit Balance May 31 G2 53,000 Services Revenue Account Number 403 Date Rent Expense May 31 G2 3,380 Account Number 640 PR Debit Credit Balance Date PR Debit Credit May 31 G2 146,246 Depreciation Expense Account Number 603 Date PR Debit Credit Balance Income Summary May 31 Date G2 Balance 7,360 Account Number 901 PR May 31 Debit Credit Balance G2 13,000 (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date. Complete this questions by entering your answers in the tabs below. Required A Required B Prepare closing journal entries from the above ledger accounts. View transaction list Journal entry worksheet A B D Record the entry to close revenue accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit

Dated PR Debit Credit Balance May 31 Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). M. Muncel, Capital General Ledger Account Number 622 Balance Account Number 301 Salaries Expense Date PR Debit Credit G2 83,000 May 31 G2 41,500 M. Muncel, Withdrawals Date PR Debit Account Number 302 Credit Insurance Expense Account Number 637 Balance Date PR Debit Credit Balance May 31 G2 53,000 Services Revenue Account Number 403 Date Rent Expense May 31 G2 3,380 Account Number 640 PR Debit Credit Balance Date PR Debit Credit May 31 G2 146,246 Depreciation Expense Account Number 603 Date PR Debit Credit Balance Income Summary May 31 Date G2 Balance 7,360 Account Number 901 PR May 31 Debit Credit Balance G2 13,000 (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date. Complete this questions by entering your answers in the tabs below. Required A Required B Prepare closing journal entries from the above ledger accounts. View transaction list Journal entry worksheet A B D Record the entry to close revenue accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter14: Accounting For Uncollectible Accounts Receivable
Section: Chapter Questions
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Dated PR Debit Credit Balance May 31 Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). M. Muncel, Capital General Ledger Account Number 622 Balance Account Number 301 Salaries Expense Date PR Debit Credit G2 83,000 May 31 G2 41,500 M. Muncel, Withdrawals Date PR Debit Account Number 302 Credit Insurance Expense Account Number 637 Balance Date PR Debit Credit Balance May 31 G2 53,000 Services Revenue Account Number 403 Date Rent Expense May 31 G2 3,380 Account Number 640 PR Debit Credit Balance Date PR Debit Credit May 31 G2 146,246 Depreciation Expense Account Number 603 Date PR Debit Credit Balance Income Summary May 31 Date G2 Balance 7,360 Account Number 901 PR May 31 Debit Credit Balance G2 13,000 (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date. Complete this questions by entering your answers in the tabs below. Required A Required B Prepare closing journal entries from the above ledger accounts. View transaction list Journal entry worksheet A B D Record the entry to close revenue accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit
Transcribed Image Text:Dated PR Debit Credit Balance May 31 Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). M. Muncel, Capital General Ledger Account Number 622 Balance Account Number 301 Salaries Expense Date PR Debit Credit G2 83,000 May 31 G2 41,500 M. Muncel, Withdrawals Date PR Debit Account Number 302 Credit Insurance Expense Account Number 637 Balance Date PR Debit Credit Balance May 31 G2 53,000 Services Revenue Account Number 403 Date Rent Expense May 31 G2 3,380 Account Number 640 PR Debit Credit Balance Date PR Debit Credit May 31 G2 146,246 Depreciation Expense Account Number 603 Date PR Debit Credit Balance Income Summary May 31 Date G2 Balance 7,360 Account Number 901 PR May 31 Debit Credit Balance G2 13,000 (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date. Complete this questions by entering your answers in the tabs below. Required A Required B Prepare closing journal entries from the above ledger accounts. View transaction list Journal entry worksheet A B D Record the entry to close revenue accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit
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