Dated PR Debit Account Number 301 Credit Balance Use the May 31 fiscal year-end information from...

 

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Dated PR Debit Account Number 301 Credit Balance Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). M. Muncel, Capital General Ledger Account Number 622 Credit Balance Salaries Expense May 31 G2 80,000 Date May 31 PR Debit G2 40,000 M. Muncel, Withdrawals Account Number 302 Insurance Expense Account Number 637 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 54,000 May 31 G2 5,460 Services Revenue Account Number 403 Rent Expense Account Number 640 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 140,960 Depreciation Expense Date May 31 PR G2 Debit Account Number 603 Credit May 31 Income Summary G2 11,520 Balance Date PR Debit Account Number 901 Credit Balance 21,000 (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. Required A Required B Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date. 301: M. Muncel, Capital Date May 31 May 31 Date Date May 31 Date May 31 Debit Credit Balance Date 80,000 0 May 31 0 302: M. Muncel, Withdrawals Debit Credit Balance Date 54,000 May 31 0 0 403: Services Revenue Debit 622: Salaries Expense Debit Credit Balance 40,000 0 0 637: Insurance Expense Debit Credit Balance 5,460 0 0 Credit Balance Date 640: Rent Expense Debit Credit Balance 140,960 May 31 11,520 0 0 0 0 603: Depreciation Expense Debit Credit Balance 21,000 0 0 Date 901: Income Summary Debit Credit Balance Dated PR Debit Account Number 301 Credit Balance Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). M. Muncel, Capital General Ledger Account Number 622 Credit Balance Salaries Expense May 31 G2 80,000 Date May 31 PR Debit G2 40,000 M. Muncel, Withdrawals Account Number 302 Insurance Expense Account Number 637 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 54,000 May 31 G2 5,460 Services Revenue Account Number 403 Rent Expense Account Number 640 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 140,960 Depreciation Expense Date May 31 PR G2 Debit Account Number 603 Credit May 31 Income Summary G2 11,520 Balance Date PR Debit Account Number 901 Credit Balance 21,000 (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. Required A Required B Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date. 301: M. Muncel, Capital Date May 31 May 31 Date Date May 31 Date May 31 Debit Credit Balance Date 80,000 0 May 31 0 302: M. Muncel, Withdrawals Debit Credit Balance Date 54,000 May 31 0 0 403: Services Revenue Debit 622: Salaries Expense Debit Credit Balance 40,000 0 0 637: Insurance Expense Debit Credit Balance 5,460 0 0 Credit Balance Date 640: Rent Expense Debit Credit Balance 140,960 May 31 11,520 0 0 0 0 603: Depreciation Expense Debit Credit Balance 21,000 0 0 Date 901: Income Summary Debit Credit Balance