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please help with correct answers and a how you got that(: Use the May 31 fiscal year-end information from the following ledger accounts (assume that
please help with correct answers and a how you got that(:
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 Date May 31 PR G2 Debit Acct. No. 301 Credit Balance 80,000 Debit Acct. No. 622 Credit Balance 40,000 M. Muncel, Withdrawals Date PR May 31 G2 Salaries Expense Date PR May 31 G2 Insurance Expense Date PR May 31 G2 Acct. No. 302 Credit Balance 50,000 Debit Acct. No. 637 Debit Credit Balance 4,420 Services Revenue Date PR G2 Debit May 31 Acct. No. 401 Credit Balance 140,960 Rent Expense Date Debit Acct. No. 640 Credit Balance 9,440 PR G2 May 31 Depreciation Expense Date PR G2 May 31 Acct. No. 603 Debit Credit Balance 17,000 Income Summary Date PR Debit Acct. No. 901 Credit Balance 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 Record the entry to close expense accounts. Note: Enter debits before credits. General Journal Transaction 2 Debit Credit Record entry Clear entry View general journal Journal entry worksheet 2 4 Record the entry to close income summary account. Note: Enter debits before credits. General Journal Debit Credit Transaction 3 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 w Record the entry to close the withdrawals account. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Step by Step Solution
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