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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

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 6E: On September 30, Cody Companys selected account balances are as follows: In general journal form,...
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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 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.
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 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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