Subject: acounting Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).General LedgerM. Muncel, CapitalDateMay 31M. Muncel, WithdrawalsDateMay 31Services RevenueDateMay 31PRG2PRG2PRG2Depreciation ExpenseDateMay 31PRG2View transaction listAcct. No. 301Debit Credit Balance84,000Required 1 Required 2Acct. No. 302Debit Credit Balance52,000Acct. No. 401Debit Credit Balance148,008Acct. No. 603Debit Credit Balance17,000Prepare closing journal entries from above ledger accounts.Salaries ExpenseDateMay 31Journal entry worksheetInsurance Expense.DateMay 31Rent ExpenseComplete this questions by entering your answers in the tabs below.DateMay 31Income SummaryDatePRG2PRG2PRG2PR1. Prepare closing journal entries from the above ledger accounts.2. Post the entries from Requirement 1 to the General Ledger accounts below. Use the transaction number from Requirement 1 as thedate.Acct. No. 622Debit Credit Balance42,000Acct. No. 637Debit Credit Balance4,420Acct. No. 640Debit Credit Balance9,440Acct. No. 901Debit Credit Balance

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). General Ledger M. Muncel, Capital Date May 31 M. Muncel, Withdrawals Date May 31 Services Revenue Date May 31 PR G2 PR G2 PR G2 Depreciation Expense Date May 31 PR G2 View transaction list Acct. No. 301 Debit Credit Balance 84,000 Required 1 Required 2 Acct. No. 302 Debit Credit Balance 52,000 Acct. No. 401 Debit Credit Balance 148,008 Acct. No. 603 Debit Credit Balance 17,000 Salaries Expense Date May 31 Prepare closing journal entries from above ledger accounts. Insurance Expense Date May 31 Rent Expense Date May 31 Complete this questions by entering your answers in the tabs below. Income Summary Date PR G2 PR G2 PR G2 PR Acct. No. 622 Debit Credit Balance 42,000 1. Prepare closing journal entries from the above ledger accounts. 2. Post the entries from Requirement 1 to the General Ledger accounts below. Use the transaction number from Requirement 1 as the date. Acct. No. 637 Debit Credit Balance 4,420 Acct. No. 640 Debit Credit Balance 9,440 Acct. No. 901 Debit Credit Balance

Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). General Ledger M. Muncel, Capital Date May 31 M. Muncel, Withdrawals Date May 31 Services Revenue Date May 31 PR G2 PR G2 PR G2 Depreciation Expense Date May 31 PR G2 View transaction list Acct. No. 301 Debit Credit Balance 84,000 Required 1 Required 2 Acct. No. 302 Debit Credit Balance 52,000 Acct. No. 401 Debit Credit Balance 148,008 Acct. No. 603 Debit Credit Balance 17,000 Salaries Expense Date May 31 Prepare closing journal entries from above ledger accounts. Insurance Expense Date May 31 Rent Expense Date May 31 Complete this questions by entering your answers in the tabs below. Income Summary Date PR G2 PR G2 PR G2 PR Acct. No. 622 Debit Credit Balance 42,000 1. Prepare closing journal entries from the above ledger accounts. 2. Post the entries from Requirement 1 to the General Ledger accounts below. Use the transaction number from Requirement 1 as the date. Acct. No. 637 Debit Credit Balance 4,420 Acct. No. 640 Debit Credit Balance 9,440 Acct. No. 901 Debit Credit Balance

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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Question

Subject: acounting

Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).
General Ledger
M. Muncel, Capital
Date
May 31
M. Muncel, Withdrawals
Date
May 31
Services Revenue
Date
May 31
PR
G2
PR
G2
PR
G2
Depreciation Expense
Date
May 31
PR
G2
View transaction list
Acct. No. 301
Debit Credit Balance
84,000
Required 1 Required 2
Acct. No. 302
Debit Credit Balance
52,000
Acct. No. 401
Debit Credit Balance
148,008
Acct. No. 603
Debit Credit Balance
17,000
Prepare closing journal entries from above ledger accounts.
Salaries Expense
Date
May 31
Journal entry worksheet
Insurance Expense.
Date
May 31
Rent Expense
Complete this questions by entering your answers in the tabs below.
Date
May 31
Income Summary
Date
PR
G2
PR
G2
PR
G2
PR
1. Prepare closing journal entries from the above ledger accounts.
2. Post the entries from Requirement 1 to the General Ledger accounts below. Use the transaction number from Requirement 1 as the
date.
Acct. No. 622
Debit Credit Balance
42,000
Acct. No. 637
Debit Credit Balance
4,420
Acct. No. 640
Debit Credit Balance
9,440
Acct. No. 901
Debit Credit Balance

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