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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Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $14. At the start of January 2018, VGC's Income statement accounts had zero balances and Its balance sheet account balances were as follows: Cash $1,730, e00 188, e00 15, 200 921, e00 508, e00 1,798,e00 153,e00 163,e00 124,e00 2, 900, e00 1,812, 200 Accounts Receivable Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (due 2025) Conmon Stock Retained Earnings In addition to the above accounts, VGC's chart of accounts Includes the following: Service Revenue, Salarles and Wages Expense, Advertising Expense, and Utilities Expense. The following transactions occurred during the January month: a. Recelved $66,750 cash from customers on 1/1 for subscriptions that had already been earned in 2017. b. Purchased 10 new computer servers for $36,400 on 1/2: pald $15,700 cash and signed a three-year note for the remalnder owed. c. Pald $11.700…
neck my wor Income: Assets: Checking account Savings account $ 1,940 9,150 Gross income $69,000 Interest income 450 Total $69,450 Automobile 1,800 Personal property 14,900 Total $27,790 Expenses: Living Insurance premium $24,200 Liabilities: 400 Note to bank 5,200 Таxes 15,200 Net worth $22,590 ($27,790 - $5,200) Medical 630 Investment 3,500 Total $43,930 Net worth = Assets - Liabilities (own) (owe) Paula believes her gross income will double in 2019 but her interest income will decrease $150. She plans to reduce her 2019 living expenses by one-fifth. Paula's insurance company wrote a letter announcing that her insurance premiums would triple in 2019. Her accountant estimates her taxes will decrease $250 and her medical costs will increase $41O. Paula also hopes to cut her investments expenses by one-fourth. Paula's accountant projects that her savings and checking accounts will each triple in value. On January 2, 2019, Paula sold her automobile and began to use public transportation.…
By Balance b/d By Profit and loss adjus- ment A/c 10,600 Teg o 16,000 12,000 10,400 16,600 12,400 10,600 009 16,600 12,400 10,600 Balance Sheet of B and C (as at April 1, 2019) Amount Capital and Liabilities Assets and Properties Amount Creditors Bills Payable Dutstanding Expenses A's Loan A/c 7,900 Bank 1,500 Stock 800 Debtors 16,600 Machinery 1,600 11,200 Land and Buildings 8,800 Capitals: 18,600 12,400 B. 23,000 C. Part 49,800 49,800 Memorandum Revalution Account lustration 8 Om, Jay and Jagdish were partners in a firm. They share profit and loss in the ratio of 4 :4:2. Their Balance Sheet as at 31-3-2019 was as follows : Sundry Creditors Om's loan A/c 99,280 Building 30,000 Furniture Plant 000' 000'08 69,800 74,330 89,150 Capital Accounts : 80,000 Bank Sundry Debtors Jay Jagdish 000'89 000'8L 2,26,000 3,55,280 3,55,280 On 1st April, 2019 Om got his retirement. Building at ? 58,000; Furniture at 7 84,000; Plant at ? O00 were revalued. Total goodwill of the firm is 7 96,000. Om…
Create T-Account.
Rs. Rs. |Capital Account 15,250 Purchases 73,010 Returns inwards 1,076 | Returns outwards Sales | Carriage inwards Carriage outwards Salesman's commission Salesman's salary |Office salaries Bank charges Interest on deposits Light and heat Sundry expenses Rent Insurance Printing and postage Advertising Bad debts Opening stock 3,720 126,066 2,930 1,762 711 3,970 7,207 980 300 2,653 2,100 1,791 1,044 2,103 4,000 3,315 7,650 10,760 Accounts receivables Accounts payables Cash in hand |Cash at bank Motor expenses Furniture and equipment Depreciation Loan account 7,411 14,393 8,305 986 8,000 3,000 9,000 Closing stock has been valued for accounting purposes at Rs. 3,840. Required: Prepare Statement of comprehensive income for the year ended 30 June, 2020.
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