M. Muncel, Capital Dated May 31 1. Muncel, Withdrawals Date May 31 Services Revenue PR G2 PR G2 PR G2 Debit PR G2 Debit Date May 31 Depreciation Expense Date May 31 Prepare closing journal entries from the above leda Debit Account Number 301 Salaries Expense Credit Balance 94,000 Debit Account Number 302 Credit Balance 61,000 Account Number 403 Credit Balance 165,628 Account Number 603 Credit Balance 19,000 Date May 31 Insurance Expense Date May 31 Rent Expense Date May 31 Income Summary Date PR G2 PR G2 PR G2 PR Debit Debit Debit Debit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).
M. Muncel, Capital
Dated
PR
G2
May 31
M. Muncel, Withdrawals
Date
May 31
Services Revenue
PR
G2
Date
May 31
Depreciation Expense
Date
May 31
PR
G2
PR
G2
View transaction list
Debit
Required A Required B
Debit
Debit
Debit
General Ledger
Account Number 301
Credit Balance
94,000
Account Number 302
Credit
Balance
61,000
Account Number 403
Credit
Balance
165,628
Account Number 603
Credit
Balance
19,000
Salaries Expense
Prepare closing journal entries from the above ledger accounts.
Date
May 31
Insurance Expense
Date
May 31
Rent Expense
Date
May 31
Income Summary
Complete this questions by entering your answers in the tabs below.
Date
PR
G2
PR
G2
PR
G2
PR
Debit
Debit
Debit
Debit
(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.
Account Number 622
Credit Balance
47,000
Account Number 637
Credit
Balance
4,940
Account Number 640
Credit
Balance
10,480
Account Number 901
Balance
Credit
Transcribed Image Text:Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). M. Muncel, Capital Dated PR G2 May 31 M. Muncel, Withdrawals Date May 31 Services Revenue PR G2 Date May 31 Depreciation Expense Date May 31 PR G2 PR G2 View transaction list Debit Required A Required B Debit Debit Debit General Ledger Account Number 301 Credit Balance 94,000 Account Number 302 Credit Balance 61,000 Account Number 403 Credit Balance 165,628 Account Number 603 Credit Balance 19,000 Salaries Expense Prepare closing journal entries from the above ledger accounts. Date May 31 Insurance Expense Date May 31 Rent Expense Date May 31 Income Summary Complete this questions by entering your answers in the tabs below. Date PR G2 PR G2 PR G2 PR Debit Debit Debit Debit (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. Account Number 622 Credit Balance 47,000 Account Number 637 Credit Balance 4,940 Account Number 640 Credit Balance 10,480 Account Number 901 Balance Credit
Journal entry worksheet
A
B C
Record the entry to close revenue accounts.
Note: Enter debits before credits.
Transaction
Record entry
D
+
General Journal
Clear entry
Required A
Debit
Credit
View general Journal
Required B >
Transcribed Image Text:Journal entry worksheet A B C Record the entry to close revenue accounts. Note: Enter debits before credits. Transaction Record entry D + General Journal Clear entry Required A Debit Credit View general Journal Required B >
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