General Ledger Account Number 318 Salaries Expense Balance 93,000 Retained Earnings Date Account Number 622 Balance 46,500 Account Number 637 Balance 4,680 Account Number 640 Balance 9,960 Account Number 901 Balance PR Debit Credit Date May 31 PR Debit Credit May 31 Dividends Date May 31 Services Revenue Date May 31 Depreciation Expense Date May 31 G2 G2 Account Number 319 Insurance Expense Credit PR G2 Debit Balance 59,000 Account Number 403 Rent Expense Balance Date PR G2 Debit Credit May 31 PR G2 Debit Credit Date Мay 31 PR G2 Debit Credit 163,866 Account Number 603 Income Summary Balance 18,000 PR G2 Debit Credit Date PR Debit Credit (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.
General Ledger Account Number 318 Salaries Expense Balance 93,000 Retained Earnings Date Account Number 622 Balance 46,500 Account Number 637 Balance 4,680 Account Number 640 Balance 9,960 Account Number 901 Balance PR Debit Credit Date May 31 PR Debit Credit May 31 Dividends Date May 31 Services Revenue Date May 31 Depreciation Expense Date May 31 G2 G2 Account Number 319 Insurance Expense Credit PR G2 Debit Balance 59,000 Account Number 403 Rent Expense Balance Date PR G2 Debit Credit May 31 PR G2 Debit Credit Date Мay 31 PR G2 Debit Credit 163,866 Account Number 603 Income Summary Balance 18,000 PR G2 Debit Credit Date PR Debit Credit (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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please answer the whole thing
 alt="C Rent/Buy Books on Chegg-Save Up t
CHAPTER 3
Saved
He
Ncyu cun
ncyuii cuu
Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date.
318: Retained Earnings
622: Salaries Expense
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
May 31
93,000
May 31
46,500
319: Dividends
637: Insurance Expense
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
May 31
59,000
May 31
4,680
403: Services Revenue
640: Rent Expense
es
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
May 31
163,866
May 31
9,960
603: Depreciation Expense
901: Income Summary
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
May 31
18,000
< Required A
Required B >
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Transcribed Image Text:C Rent/Buy Books on Chegg-Save Up t
CHAPTER 3
Saved
He
Ncyu cun
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Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date.
318: Retained Earnings
622: Salaries Expense
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
May 31
93,000
May 31
46,500
319: Dividends
637: Insurance Expense
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
May 31
59,000
May 31
4,680
403: Services Revenue
640: Rent Expense
es
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
May 31
163,866
May 31
9,960
603: Depreciation Expense
901: Income Summary
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
May 31
18,000
< Required A
Required B >
< Prev
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Next >
MacBook Air
2:
888
FO
%23
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&
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3
4
6
7
8
W
E
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U
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G
J
K
C
V

Transcribed Image Text:Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).
General Ledger
Retained Earnings
Date
Account Number 318 Salaries Expense
Credit
Account Number 622
Credit
PR
Debit
Balance
93,000
Date
May 31
PR
Debit
Balance
46,500
Account Number 637
Balance
4,680
Account Number 640
Balance
9,960
Account Number 901
Balance
May 31
Dividends
G2
G2
Account Number 319 Insurance Expense
Credit
Date
May 31
Services Revenue
Date
May 31
Depreciation Expense
Date
May 31
PR
G2
Debit
Balance
59,000
Account Number 403 Rent Expense
Balance
163,866
Account Number 603 Income Summary
Date
PR
G2
Debit
Credit
May 31
PR
G2
Debit
Date
May 31
Credit
PR
G2
Debit
Credit
PR
G2
Debit
Credit
Balance
Date
PR
Debit
Credit
18,000
(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.
es
Required A
Required B
Post the entries from Reguirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date.
318: Retained Earnings
622: Salaries Expense
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
May 31
93,000
May 31
46,500
319: Dividends
637: Insurance Expense
< Prev
4 of 8
Next >
MacBook Air
888
DII
F4
F7
FB
@
%23
$
&
2
3
4
6
7
8
E
R
Y
F
H.
J
K
C
V
36
<の
Expert Solution

Step 1
Ledger account is the summary of transactions made as journal entries. It provides a record of each financial transaction that takes place in the organisation and is used while preparing financial statements.
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