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Journal entry worksheet Record the entry to close expense accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the withdrawals
Journal entry worksheet Record the entry to close expense accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the withdrawals account. Note: Enter debits before credits. \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ 403: Services Revenue } & \multicolumn{4}{|c|}{ 640: Rent Expense: } \\ \hline Date & Debit & Credit & Balance & Date & Debit & Credit & Balance \\ \hline May 31 & & & 132,150 & May 31 & x2 & 18 & 11,000 \\ \hline & & + & 0 & +0 & +3 & & 0 \\ \hline & & & 0 & & & 1 & 0 \\ \hline & 3: Deprec & xpense & & & 01: Income & imary & \\ \hline Date & Debit & Crodit & Bolonce & Date & Debit & Credit & Balance \\ \hline May 31 & & & 20,000 & & & = & 8 \\ \hline & & & 0 & & & 20 & \\ \hline & & & 0 & & & & \\ \hline \end{tabular} Journal entry worksheet Record the entry to close income summary account. Note: Enter debits before credits. Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date. \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ 301: M. Muncel, Capital } & \multicolumn{4}{|c|}{ 622: Salaries Expense } \\ \hline Date & Debit & Credit & Balance & Date & Debit & Credit & Balance. \\ \hline May 31 & & & 75,000 & May 31 & & & 37,500 \\ \hline 7 & & & 0 & E & & & 0 \\ \hline 7 & & & 0 & & & & 0 \\ \hline \multicolumn{4}{|c|}{ 302: M. Muncel, Withdrawals } & \multicolumn{4}{|c|}{ 637: Insurance Expense } \\ \hline Date & Debit & Credit & Balance & Date & Debit & Credit & Balance \\ \hline May 31 & & & 49,000 & May 31 & & & 5,200 \\ \hline & & & 0 & & & & 0 \\ \hline 5 & & & 0 & & & & 0 \\ \hline \multicolumn{4}{|c|}{ 403: Services Revenue } & \multicolumn{4}{|c|}{ 640: Rent Expense } \\ \hline Date & Debit & Credit & Balance. & Dafe: & Debit & Credit & Balance \\ \hline May 31 & & & 132,150 & May 31 & + & & 11,000 \\ \hline P & & & 0 & & + & & 0 \\ \hline 7 & & & 0 & 7 & & & 0 \\ \hline \end{tabular} Journal entry worksheet Record the entry to close expense accounts. Note: Enter debits before credits. Journal entry worksheet Record the entry to close the withdrawals account. Note: Enter debits before credits. \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ 403: Services Revenue } & \multicolumn{4}{|c|}{ 640: Rent Expense: } \\ \hline Date & Debit & Credit & Balance & Date & Debit & Credit & Balance \\ \hline May 31 & & & 132,150 & May 31 & x2 & 18 & 11,000 \\ \hline & & + & 0 & +0 & +3 & & 0 \\ \hline & & & 0 & & & 1 & 0 \\ \hline & 3: Deprec & xpense & & & 01: Income & imary & \\ \hline Date & Debit & Crodit & Bolonce & Date & Debit & Credit & Balance \\ \hline May 31 & & & 20,000 & & & = & 8 \\ \hline & & & 0 & & & 20 & \\ \hline & & & 0 & & & & \\ \hline \end{tabular} Journal entry worksheet Record the entry to close income summary account. Note: Enter debits before credits. Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date. \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ 301: M. Muncel, Capital } & \multicolumn{4}{|c|}{ 622: Salaries Expense } \\ \hline Date & Debit & Credit & Balance & Date & Debit & Credit & Balance. \\ \hline May 31 & & & 75,000 & May 31 & & & 37,500 \\ \hline 7 & & & 0 & E & & & 0 \\ \hline 7 & & & 0 & & & & 0 \\ \hline \multicolumn{4}{|c|}{ 302: M. Muncel, Withdrawals } & \multicolumn{4}{|c|}{ 637: Insurance Expense } \\ \hline Date & Debit & Credit & Balance & Date & Debit & Credit & Balance \\ \hline May 31 & & & 49,000 & May 31 & & & 5,200 \\ \hline & & & 0 & & & & 0 \\ \hline 5 & & & 0 & & & & 0 \\ \hline \multicolumn{4}{|c|}{ 403: Services Revenue } & \multicolumn{4}{|c|}{ 640: Rent Expense } \\ \hline Date & Debit & Credit & Balance. & Dafe: & Debit & Credit & Balance \\ \hline May 31 & & & 132,150 & May 31 & + & & 11,000 \\ \hline P & & & 0 & & + & & 0 \\ \hline 7 & & & 0 & 7 & & & 0 \\ \hline \end{tabular}
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