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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 PR
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 PR Acct. No. 381 Debit Credit Balance 89,000 Salaries Expense Date PR May 31 Debit Acct. No. 622 Credit Balance 44,5ee May 31 G2 M. Muncel, Withdrawals Date PR May 31 Acct. No. 302 Debit Credit Balance 63,000 Insurance Expense Date PR May 31 G2 Acct. No. 637 Debit Credit Balance 3.640 Services Revenue Date May 31 PR Acct. No. 401 Debit Credit Balance 156,818 Rent Expense Date May 31 PR Debit Acct. No. 640 Credit Balance 7,880 Depreciation Expense Date PR May 31 Acct. No. 603 Debit Credit Balance 14.000 Income Summary Date PR Debit Acct. No. 981 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. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare closing journal entries from the above ledger accounts. View transaction liat Journal entry worksheet Record the entry to close revenue accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal
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