Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).M. Muncel, CapitalDatedMay 31M. Muncel, WithdrawalsDateMay 31Services RevenueDateMay 31Depreciation ExpenseDateMay 31PRG2PRG2PRG2PRG2DebitDebitDebitDebitGeneral LedgerAccount Number 301 Salaries ExpenseCreditBalance84,000Account Number 302CreditBalance50,000Account Number 403CreditBalance148,008Account Number 603CreditBalance15,000DateMay 31Insurance ExpenseDateMay 31Rent ExpenseDateMay 31Income SummaryDatePRG2PRG2PRG2PRDebitDebitDebitDebitAccount Number 622Credit Balance42,000Account Number 637CreditBalance3,900Account Number 640CreditBalance8,400Account Number 901BalanceCredit(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) asthe date.

Name: Use the May 31 fiscal year-end information from the following ledger
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Description: Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).M. Muncel, CapitalDatedMay 31M. Muncel, WithdrawalsDateMay 31Services RevenueDateMay 31Depreciation ExpenseDateMay 31PRG2PR

The closing entries are prepared to close the temporary accounts of the business. The temporary…

Business

Accounting

Muncel, Capital Dated May 31 SSG2 Muncel, Withdrawals Date May 31 rvices Revenue Date May 31 preciation Expense PR PR G2 PR G2 Debit Debit Debit General Ledger Account Number 301 Salaries Expense Credit Balance Date May 31 84,000 Account Number 302 Insurance Expense Credit Balance 50,000 Account Number 403 Credit Balance 148,008 Account Number 603 Date May 31 Rent Expense Date May 31 Tess PR G2 PR G2 PR G2 Debit Debit Debit Accou Credit Accour Credit Accoun Credit

Muncel, Capital Dated May 31 SSG2 Muncel, Withdrawals Date May 31 rvices Revenue Date May 31 preciation Expense PR PR G2 PR G2 Debit Debit Debit General Ledger Account Number 301 Salaries Expense Credit Balance Date May 31 84,000 Account Number 302 Insurance Expense Credit Balance 50,000 Account Number 403 Credit Balance 148,008 Account Number 603 Date May 31 Rent Expense Date May 31 Tess PR G2 PR G2 PR G2 Debit Debit Debit Accou Credit Accour Credit Accoun Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).
M. Muncel, Capital
Dated
May 31
M. Muncel, Withdrawals
Date
May 31
Services Revenue
Date
May 31
Depreciation Expense
Date
May 31
PR
G2
PR
G2
PR
G2
PR
G2
Debit
Debit
Debit
Debit
General Ledger
Account Number 301 Salaries Expense
Credit
Balance
84,000
Account Number 302
Credit
Balance
50,000
Account Number 403
Credit
Balance
148,008
Account Number 603
Credit
Balance
15,000
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
Account Number 622
Credit Balance
42,000
Account Number 637
Credit
Balance
3,900
Account Number 640
Credit
Balance
8,400
Account Number 901
Balance
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.

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