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Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). (a) Prepare closing journal entries from
Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).
(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.
A Record the entry to close revenue accounts. B Record the entry to close expense accounts. C Record the entry to close income summary account. D Record the entry to close the withdrawals account. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ M. Muncel, Capital } & \multirow{2}{*}{ PR } & & \multirow{2}{*}{\multicolumn{2}{|c|}{ Account Number 622}} \\ \hline & & & Account & Number 301 & Salaries Expense & PR & Dehit & & \\ \hline May 31 & G2 & & & 80,000 & May 31 & G2 & & & 40,000 \\ \hline M. Muncel, Withdraw & wals & & Account & Number 302 & Insurance Expense & & & Account & Number 637 \\ \hline Date & PR & Debit & Credit & Balance & Date & PR & Debit & Credit & Balance \\ \hline May 31 & G2 & & & 52,000 & May 31 & G2 & & & 4,940 \\ \hline Services Revenue & & & Account & Number 403 & Rent Expense & & & Account & Number 640 \\ \hline Date & PR & Debit & Credit & Balance & Date & PR & Debit & Credit & Balance \\ \hline May 31 & G2 & & & 140,960 & May 31 & G2 & & & 10,480 \\ \hline \begin{tabular}{l} Depreciation Expens \\ Date \end{tabular} & \begin{tabular}{l} se \\ PR \end{tabular} & Debit & \begin{tabular}{l} Account \\ Credit \end{tabular} & \begin{tabular}{c} Number 603 \\ Balance \end{tabular} & \begin{tabular}{c} Income Summary \\ Date \end{tabular} & PR & Debit & \begin{tabular}{l} Account \\ Credit \end{tabular} & \begin{tabular}{l} Number 901 \\ Balance \end{tabular} \\ \hline May 31 & G2 & & & 19,000 & & & & & \\ \hline \end{tabular}Step by Step Solution
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