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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 Salaries
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 Salaries Expense Acct. No. 622 Date May 31 Acct. No. 301 PR Debit Credit Balance 93,000 Date May 31 PR Debit Credit Balance 46,500 M. Muncel, Withdrawals Insurance Expense Acct. No. 637 Date May 31 Acct. No. 302 PR Debit Credit Balance 62,000 Date May 31 PR Debit Credit Balance 5,460 Services Revenue Acct. No. 640 Date May 31 Acct. No. 401 PR Debit Credit Balance 163,866 Rent Expense Date May 31 PR Debit Credit Balance 11,520 Depreciation Expense Income Summary Acct. No. 901 Date May 31 Acct. No. 603 PR Debit Credit Balance 21,000 Date PR Debit Credit Balance Salaries Expense Credit M. Muncel, Capital Date Debit Credit Balance Date Debit Balance May 31 93,000 May 31 46,500 M. Muncel, Withdrawals Debit Insurance Expense Credit Date Credit Balance Date Debit Balance May 31 62,000 May 31 5,460 Services Revenue Rent Expense Date Debit Credit Balance Date Debit Credit Balance May 31 163,866 May 31 11,520 Income Summary Depreciation Expense Debit Date Credit Balance Date Debit Credit Balance May 31 21,000Step by Step Solution
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