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 | Acct. No. 301 | Salaries Expense | Acct. No. 622 | ||||||||
Date | PR | Debit | Credit | Balance | Date | PR | Debit | Credit | Balance | ||
May 31 | G2 | 83,000 | May 31 | G2 | 41,500 | ||||||
M. Muncel, Withdrawals | Acct. No. 302 | Insurance Expense | Acct. No. 637 | ||||||||
Date | PR | Debit | Credit | Balance | Date | PR | Debit | Credit | Balance | ||
May 31 | G2 | 48,000 | May 31 | G2 | 3,900 | ||||||
Services Revenue | Acct. No. 401 | Rent Expense | Acct. No. 640 | ||||||||
Date | PR | Debit | Credit | Balance | Date | PR | Debit | Credit | Balance | ||
May 31 | G2 | 146,246 | May 31 | G2 | 8,400 | ||||||
Depreciation Expense | Acct. No. 603 | Income Summary | Acct. No. 901 | ||||||||
Date | PR | Debit | Credit | Balance | Date | PR | Debit | Credit | Balance | ||
May 31 | G2 | 15,000 | |||||||||
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.
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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