Question
Date May 31 PR Debit Balance Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal
Date May 31 PR Debit Balance Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). Retained Earnings General Ledger Account Number 318 Credit Account Number 622 Credit Salaries Expense Date PR Debit Balance G2 92,000 May 31 G2 46,000 Dividends Date PR Debit Account Number 319 Credit Insurance Expense Balance Date PR Debit Account Number 637 Credit Balance May 31 02 61,000 May 31 G2 4,680 Services Revenue Account Number 403 Rent Expense Account Number 640 Date PR Debit Credit Balance: Date PR Debit Credit Balance May 31 G2 162,104 Depreciation Expense Account Number 603 Date PR Debit Credit May 31 G2 Balance 18,000 May 31 Income Summary Date G2 PR Debit 9,960 Account Number 901 Credit Balance (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.
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