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.

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Chapter1: Financial Statements And Business Decisions
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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
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.
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
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
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