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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 1. Muncel, Capital Date
Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). General Ledger 1. Muncel, Capital Date May 31 PR G2 Debit Acct. No. 301 Credit Balance 81,000 Salaries Expense Date May 31 PR G2 Debit Acct. No. 622 Credit Balance 40, 500 M. Muncel, Withdrawals Date PR May 31 Acct. No. 302 Credit Balance 49,000 Debit Insurance Expense Date May 31 PR Acct. No. 637 Credit Balance Debit G2 4, 420 Services Revenue Date May 31 PR Debit Acct. No. 401 Credit Balance 142, 722 Rent Expense Date May 31 PR Debit Acct. No. 640 Credit Balance 9,440 G2 Depreciation Expense Date May 31 Debit Acct. No. 603 Credit Balance 17,000 Income Summary Date PR Debit Acct. No. 901 Credit Balance PR G2 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
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