Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have
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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 | Account Number 301 | Salaries Expense | Account Number 622 | ||||||
Dated | PR | Debit | Credit | Balance | Date | PR | Debit | Credit | Balance |
May 31 | G2 | 76,000 | May 31 | G2 | 38,000 | ||||
M. Muncel, Withdrawals | Account Number 302 | Insurance Expense | Account Number 637 | ||||||
Date | PR | Debit | Credit | Balance | Date | PR | Debit | Credit | Balance |
May 31 | G2 | 45,000 | 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 | 133,912 | May 31 | G2 | 11,520 | ||||
Depreciation Expense | Account Number 603 | Income Summary | Account Number 901 | ||||||
Date | PR | Debit | Credit | Balance | Date | PR | Debit | Credit | Balance |
May 31 | G2 | 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.
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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