Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PR Debit Account Number 301 Credit G2 Balance 83,000 Date May 31 Services Revenue Date May 31 PR Debit Account Number 302 Credit Use
PR Debit Account Number 301 Credit G2 Balance 83,000 Date May 31 Services Revenue Date May 31 PR Debit Account Number 302 Credit Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). M. Muncel, Capital M. Muncel, Withdrawals Dated May 31 General Ledger Account Number 622 Credit Salaries Expense Date PR Debit Balance May 31 G2 41,500 Insurance Expense Account Number 637 Balance Date PR Debit Credit Balance G2 54,000 May 31 G2 3,640 Account Number 403 Rent Expense Account Number 640 PR Debit Credit Balance Date PR Debit Credit Balance G2 146,246 Depreciation Expense Date May 31 PR G2 Debit Account Number 603 Credit Balance May 31 Income Summary Date G2 7,880 PR Debit Credit Account Number 901 Balance 14,000 (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. Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date. 301: M. Muncel, Capital Debit 622: Salaries Expense Debit Date May 31 May 31 Date Date May 31 Date May 31 Credit Balance Date 83,000 May 31 0 0 302: M. Muncel, Withdrawals Debit Credit Balance Date 54,000 May 31 0 0 403: Services Revenue Debit Credit Balance 41,500 0 0 637: Insurance Expense Debit Credit Balance 3,640 0 0 640: Rent Expense Credit Balance Date Debit Credit Balance 146,246 May 31 0 7,880 0 0 0 603: Depreciation Expense Debit Credit Balance 14,000 0 0 Date 901: Income Summary Debit Credit Balance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started