Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

OK May 31 Use the May 31 fiscal year-end Information from the following ledger accounts (assume that all accounts have normal balances) General Ledger M.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
OK May 31 Use the May 31 fiscal year-end Information from the following ledger accounts (assume that all accounts have normal balances) General Ledger M. Muncel, Capital Account Number 301 Salaries Expense Account Number 622 Dated PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 94, eee May 31 G2 47,eee Mi Muncel, Withdrawals Account Number 302 Insurance Expense Account Number 637 Date PR Debit Credit Balance Date PR Debit Credit Balance G2 66,000 May 31 G2 4,940 Services Revenue Account Number 403 Rent Expense Account Number 640 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 165,628 May 31 G2 10,480 Depreciation Expense Account Number 603 Income Summary Account Number 901 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 19,000 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 Y nces Complete this questions by entering your answers in the tabs below. Required A Required B Journal entry worksheet Record the entry to close revenue accounts. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Development Of The American Public Accounting Profession

Authors: T.A. Lee

1st Edition

0415403944, 9780415403948

More Books

Students also viewed these Accounting questions

Question

Who will receive the final evaluation?

Answered: 1 week ago