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I'm having a hard time figuring out the amount for my income summary. I am trying to record the entry to close the expense accounts
I'm having a hard time figuring out the amount for my income summary. I am trying to record the entry to close the expense accounts from the attached info. I don't understand what I am missing to get the correct income summary.
the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). Debit Debit May 31 PR G2 May 31 Debit Debit General Ledger Account Number 301 Salaries Expense Credit Balance Date 87,000 Account Number 302 Insurance Expense Credit Balance Date 58,000 May 31 Account Number 403 Rent Expense Credit Balance Date 153,294 May 31 Account Number 603 Income Summary Credit Balance Date 13,000 Muncel, Capital Dated PR G2 Muncel, Withdrawals Date PR May 31 G2 ervices Revenue Date PR May 31 G2 epreciation Expense Date PR May 31 G2 PR G2 Account Number 622 Credit Balance 43,500 Account Number 637 Credit Balance 3,380 Account Number 640 Credit Balance 7,360 Account Number 901 Credit Balance Debit Debit PR G2 Debit PR Debit Prepare closing journal entries from the above ledger accounts. Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as e date. Complete this questions by entering your answers in the tabs below. Required A Required B do Transaction General Journal Debit Credit 153.294 Services revenue Income summary 153 294 2 Income summary Salaries expense Insurance expense Rent expense 43.500 3.380 7.360 C 3 income summary Required A Required B >
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