Create 4 different chart Record the entry to close revenue accounts, expensive accounts, income summary account, withdrawal account. 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 RevenuePRG2PRG2PRG2DateMay 31Depreciation ExpenseDateMay 31PRG2DebitDebitDebitDebitGeneral LedgerAccount Number 301Credit Balance77,000Account Number 302CreditBalance52,000Account Number 403CreditBalance135,674Account Number 603CreditBalance18,000Salaries ExpenseDateMay 31Insurance ExpenseDateMay 31Rent ExpenseDateMay 31Income SummaryDatePRG2PRG2PRG2PRDebitDebitDebitDebitAccount Number 622Credit Balance38,500Account Number 637Credit Balance4,680Account Number 640CreditBalance9,960Account 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. <ABCTransaction1Record the entry to close revenue accounts.Note: Enter debits before credits.DGeneral JournalDebitCredit

The closing entries are prepared to close the temporary accounts of the business. The temporary…

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 Salaries Expense 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 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.

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 Salaries Expense 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 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.

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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