Award: 3.33 points The ledger of Mai Company includes the following accounts with normal balances: D. Mai, Capital $9,000; D. Mai, Withdrawals $800; Services Revenue $13,000; Wages Expense $8,400; and Rent Expense $1,600. Prepare the necessary closing entries from the available information at December 31. Journal entry worksheet Record the entry to close revenue accounts Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry Journal entry worksheet 2 3 4 Record the entry to close expense accounts. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry iew general journal Journal entry worksheet 2 3 4 Record the entry to close the income summary account. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journa View transac tion list Journal entry worksheet 2 3 Record the entry to close the withdrawal account. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entryClear entry Clear ent View general journal 2.Award: 3.33 points Identify which of the following accounts would be included in a post-closing trial balance. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) Accounts Receivable 2 Salaries Expense Goodwill 2Land Income Tax Expense Salaries Payable 3. Award: 3.33 points Select the balance sheet category where the items given would typically appear. Items Balance Sheet Category 1. Land not currently used in operations 2. Notes payable (due in five years) 3. Accounts receivable 4. Trademarks 5 Accounts payable 6. Store equipment 7. Wages payable 8. Cash 4. Award: 3.33 points Accounts receivable Accounts payable Buildings Cash $ 21,000 2,800 3,560 3,000 S 18,000 Long-term notes payable 11,000 Office supplies 5,000 Prepaid insurance 7,000 Unearned services revenue Compute Chavez Company's current ratio using the above information. Current Ratio Choose Denominator: Choose Numerator: Current Ratio # | Current ratio Award: 3.33 points Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances) General Ledg M. Muncel, Capital Acct. No. 301 Salaries Expense Acct. No. 622 PR Debit Credit Balance G2 Date May 31 PR Debit Credit Balance 20,000 May 31 40,000 M. Muncel, Withdrawals Acct. No. 302 Insurance Expense Acct. No. 637 Date May 31 PR Debit Credit Balance G2 Date May 31 PR Debit Credit Balance 22,000 4,400 Services Revenue Date May 31 Rent Expense Date Acct. No. 401 Acct. No. 640 PR Debit Credit Balance G2 PR Debit Credit Balance G2 76,000 May 31 8,400 Depreciation Expense Acct. No. 603 Income Summary Acct. No. 901 PR Debit Credit Balance PR Debit Credit Balance G2 May 31 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 Required 1 Required 2 Prepare closing journal entries from the above ledger accounts. View transaction list Journal entry worksheet 2 3 Record the entry to close revenue accounts Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required 1Required 2 Post the entries from Requirement 1 to the General Ledger accounts below. Use the transaction number from Requirement 1 as the date 622: Salaries Expense Debit 301: M. Muncel, Capital Date Date May 31 0,000May 31 20,000 302: M. Muncel, 637: Date Date Debit May 31 22,000May 31 4,400 401: Services Revenue 640: Rent Expense Date Date May 31 76,000May 31 8,400 Date Debit May 31 15,000
