S Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). General Ledger Account Number 318 Credit Balance Salaries Expense Date May 31 93,000 Number 319 Insurance Expense Balance 68.000 Retained Earnings Date May 31 Dividends PR 31 C C C EC G2 Date May May Services Revenue Date May 31 Depreciation Expense Date May 31 PR G2 PR G2 PR G2 Debit Debit Required A Required B Debit Debit Account Number Credit May 31 May Account Number 403 Rent Expense Credit Balance 163,866 Account Number 603 Credit Balance 17,000 Dat Date Date May 31 Income Summary Date Complete this questions by entering your answers in the tabs below. Prepare closing journal entries from the above ledger accounts. PR G2 PR G2 PR G2 PR Debit Debit Debit Debit Account Number 622 Credit Balance 46,500 Account Number 637 Credit Balance 4,420 (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 640 Credit Balance 9,440 Account Number 901 Balance Credit
S Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). General Ledger Account Number 318 Credit Balance Salaries Expense Date May 31 93,000 Number 319 Insurance Expense Balance 68.000 Retained Earnings Date May 31 Dividends PR 31 C C C EC G2 Date May May Services Revenue Date May 31 Depreciation Expense Date May 31 PR G2 PR G2 PR G2 Debit Debit Required A Required B Debit Debit Account Number Credit May 31 May Account Number 403 Rent Expense Credit Balance 163,866 Account Number 603 Credit Balance 17,000 Dat Date Date May 31 Income Summary Date Complete this questions by entering your answers in the tabs below. Prepare closing journal entries from the above ledger accounts. PR G2 PR G2 PR G2 PR Debit Debit Debit Debit Account Number 622 Credit Balance 46,500 Account Number 637 Credit Balance 4,420 (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 640 Credit Balance 9,440 Account Number 901 Balance Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Aa.44.
Transcribed Image Text:S
Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).
General Ledger
Account Number 318
Credit Balance.
Salaries Expense
Date
May 31
93,000
Number 319 Insurance Expense
Balance
68.000
Retained Earnings
Date
May 31
Dividends
Date
May 31
Services Revenue
May
PR
C ECC EC
G2
PR
G2
Date
May 31
Depreciation Expense
Date
May 31
PR
G2
PR
G2
Debit
Debit
Required A Required B
Debit
Debit
Account Number
Credit
Date
May 31
May
Account Number 403 Rent Expense
Credit
Balance
163,866
Account Number 603 Income Summary
Credit
Balance
17,000
Date
May 31
Date
Complete this questions by entering your answers in the tabs below.
Prepare closing journal entries from the above ledger accounts.
PR
G2
PR
G2
PR
G2
PR
Debit
Debit
Debit
Debit
Account Number 622
Credit Balance
46,500
Account Number 637
Credit
Balance
4,420
(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 640
Credit
Balance
9,440
Account Number 901
Balance
Credit
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