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 Dated PR G2 May 31 M. Muncel, Withdrawals Date May 31 Services Revenue PR G2 Date May 31 Depreciation Expense Date May 31 PR G2 PR G2 Debit Debit Debit Debit Account Number 301 Credit Balance 78,000 Salaries Expense Date May 31 Account Number 302 Insurance Credit Balance 48,000 Account Number 403 Credit Balance 137,436 Expense Date May 31 Rent Expense Date May 31 Account Number 603 Income Summary Credit Balance Date 17,000 PR G2 PR G2 PR G2 PR Debit Debit Debit Debit Account Number 622 Credit Balance 39,000 Account Number 637 Credit Balance 4,420 Account Number 640 Credit Balance 9,440 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). General Ledger M. Muncel, Capital Dated PR G2 May 31 M. Muncel, Withdrawals Date May 31 Services Revenue PR G2 Date May 31 Depreciation Expense Date May 31 PR G2 PR G2 Debit Debit Debit Debit Account Number 301 Credit Balance 78,000 Salaries Expense Date May 31 Account Number 302 Insurance Credit Balance 48,000 Account Number 403 Credit Balance 137,436 Expense Date May 31 Rent Expense Date May 31 Account Number 603 Income Summary Credit Balance Date 17,000 PR G2 PR G2 PR G2 PR Debit Debit Debit Debit Account Number 622 Credit Balance 39,000 Account Number 637 Credit Balance 4,420 Account Number 640 Credit Balance 9,440 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.

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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