Use the May 31 fiscal year-end information from the following ledger accounts (a
ID: 2538474 • Letter: U
Question
Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances) General Ledger Muncel, CapitalAcct. No. 301 Salaries Expense Acct. No. 622 Date PR Debit Credit Balance 39, 500 Debit Credit Balance 79,880 Date May 31 PR G2 May 31 G2 M. Muncel, Withdrawals nsurance Acct. No. 637 Acct. No. 302 bit Credit Balance 48,800 Expense Date May 31 Debit Credit Balance Dat May 31 PR G2 PR G2 4,160 vices Revenue Acct. No. 401 Debit Credit Balance 139,198 ct. No. 648 Debit Credit Balance Rent Expense Ac Date May 31 PR G2 May 31 G2 8,920 Acct. No. 901 te PR Debit Credit Balance preciation Expense Acct. No. 683 Income Summary Date May 31 G2 16,880 1. Prepare closing journal entries from the above ledger accounts 2 Post the entries from Requirement 1 to the General Ledger accounts below. date Use the transaction number from Requirement 1 as the
Explanation / Answer
Closing Journal Entry Date Accounts , Explantation Debit Credit 31-May Service Revenue $139,198.00 Income Summary $139,198.00 ( Being Service revenue trff to Income Summary 31-May Income Summary $68,580.00 Salaries Expense $39,500.00 Insurance Expense $4,160.00 Rent Expense $8,920.00 Depreciation Expense $16,000.00 ( Being Expense trfr in Income Summary) 31-May Income Summary $70,618.00 M Muncel Capital $70,618.00 ( Being income trf to M Muncel Capital 622: Salaries Expense Date Debit Credit Balance 31-May $39,500 31-May $39,500 $0 637: Insurance Expense Date Debit Credit Balance 31-May $4,160 31-May $4,160 $0 640: Rent Expense Date Debit Credit Balance 31-May $8,920 31-May $8,920 $0 603: Depreciation Expense 31-May $16,000 31-May $16,000 $0 401: Service Revenue Date Debit Credit Balance 31-May $139,198 31-May $139,198 $0 901: Income Summary Date Debit Credit Balance 31-May $139,198.00 $139,198.00 31-May $16,000.00 $123,198.00 31-May $8,920.00 $114,278.00 31-May $4,160.00 $110,118.00 31-May $39,500.00 $70,618.00 31-May $70,618.00 $0.00 301:M Muncel Capital Date Debit Credit Balance 31-May $79,000 31-May $70,618 $149,618 302:M Muncel Withdrawl Date Debit Credit Balance 31-May $48,000
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