Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts...
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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 Retained Earnings Date May 31 PR Debit Account Number 318 Credit Salaries Expense Balance G2 83,000 Date May 31 PR Debit Account Number 622 Credit Balance G2 41,500 Dividends Date PR Debit Account Number 319 Credit Insurance Expense Account Number 637 Balance Date PR Debit Credit Balance May 31 G2 57,000 May 31 G2 3,900 Services Revenue Date PR Debit Account Number 403 Credit Rent Expense Balance May 31 G2 146,246 Depreciation Expense Date May 31 PR G2 Debit Account Number 603 Credit Date May 31 Income Summary PR Debit Account Number 640 Credit Balance G2 8,400 Account Number 901 Balance Date PR Debit Credit Balance 15,000 (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. Complete this questions by entering your answers in the tabs below. 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. Date May 31 Date 318: Retained Earnings 622: Salaries Expense Debit Credit Balance Date Debit Credit Balance 83,000 May 31 41,500 319: Dividends Debit 637: Insurance Expense Credit Balance Date 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 Retained Earnings Date May 31 PR Debit Account Number 318 Credit Salaries Expense Balance G2 83,000 Date May 31 PR Debit Account Number 622 Credit Balance G2 41,500 Dividends Date PR Debit Account Number 319 Credit Insurance Expense Account Number 637 Balance Date PR Debit Credit Balance May 31 G2 57,000 May 31 G2 3,900 Services Revenue Date PR Debit Account Number 403 Credit Rent Expense Balance May 31 G2 146,246 Depreciation Expense Date May 31 PR G2 Debit Account Number 603 Credit Date May 31 Income Summary PR Debit Account Number 640 Credit Balance G2 8,400 Account Number 901 Balance Date PR Debit Credit Balance 15,000 (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. Complete this questions by entering your answers in the tabs below. 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. Date May 31 Date 318: Retained Earnings 622: Salaries Expense Debit Credit Balance Date Debit Credit Balance 83,000 May 31 41,500 319: Dividends Debit 637: Insurance Expense Credit Balance Date Debit Credit Balance
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a Closing journal entries Debit Salaries Expense Credit Income Su... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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