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 PR G2 Date May 31 Depreciation Expense Date May 31 PR G2 Debit Debit Debit Debit General Ledger Account Number 301 Credit Balance 77,000 Account Number 302 Credit Balance 52,000 Account Number 403 Credit Balance 135,674 Account Number 603 Credit Balance 18,000 Salaries Expense 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 38,500 Account Number 637 Credit Balance 4,680 Account Number 640 Credit Balance 9,960 Account Number 901 Credit Balance (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.
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 PR G2 Date May 31 Depreciation Expense Date May 31 PR G2 Debit Debit Debit Debit General Ledger Account Number 301 Credit Balance 77,000 Account Number 302 Credit Balance 52,000 Account Number 403 Credit Balance 135,674 Account Number 603 Credit Balance 18,000 Salaries Expense 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 38,500 Account Number 637 Credit Balance 4,680 Account Number 640 Credit Balance 9,960 Account Number 901 Credit Balance (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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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
PR
G2
PR
G2
PR
G2
Date
May 31
Depreciation Expense
Date
May 31
PR
G2
Debit
Debit
Debit
Debit
General Ledger
Account Number 301
Credit Balance
77,000
Account Number 302
Credit
Balance
52,000
Account Number 403
Credit
Balance
135,674
Account Number 603
Credit
Balance
18,000
Salaries Expense
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
38,500
Account Number 637
Credit Balance
4,680
Account Number 640
Credit
Balance
9,960
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F217676ce-6c41-464d-8a32-8b0795f563e2%2F03c3db96-2c69-49a5-a054-7642e74d7143%2Fe76i93u_processed.jpeg&w=3840&q=75)
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
PR
G2
PR
G2
PR
G2
Date
May 31
Depreciation Expense
Date
May 31
PR
G2
Debit
Debit
Debit
Debit
General Ledger
Account Number 301
Credit Balance
77,000
Account Number 302
Credit
Balance
52,000
Account Number 403
Credit
Balance
135,674
Account Number 603
Credit
Balance
18,000
Salaries Expense
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
38,500
Account Number 637
Credit Balance
4,680
Account Number 640
Credit
Balance
9,960
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.
![May 31
Date
May 31
Date
May 31
Date
May 31
Date
301: M. Muncel, Capital
Debit
Credit
302: M. Muncel, Withdrawals
Debit
Credit
403: Services Revenue
Debit
Credit
603: Depreciation Expense
Debit
Credit
Balance
77,000 May 31
Balance
52,000
Balance
135,674
Balance
18,000
May 31
May 31
Date
Date
Date
Date
622: Salaries Expense
Debit
Credit
637: Insurance Expense
Debit
Credit
640: Rent Expense
Debit
Credit
901: Income Summary
Debit
Credit
Tement (a) as the date.
Balance
Balance
38,500
Balance
4,680
Balance
9,960](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F217676ce-6c41-464d-8a32-8b0795f563e2%2F03c3db96-2c69-49a5-a054-7642e74d7143%2Fx0qergj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:May 31
Date
May 31
Date
May 31
Date
May 31
Date
301: M. Muncel, Capital
Debit
Credit
302: M. Muncel, Withdrawals
Debit
Credit
403: Services Revenue
Debit
Credit
603: Depreciation Expense
Debit
Credit
Balance
77,000 May 31
Balance
52,000
Balance
135,674
Balance
18,000
May 31
May 31
Date
Date
Date
Date
622: Salaries Expense
Debit
Credit
637: Insurance Expense
Debit
Credit
640: Rent Expense
Debit
Credit
901: Income Summary
Debit
Credit
Tement (a) as the date.
Balance
Balance
38,500
Balance
4,680
Balance
9,960
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education