Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. use the may 31 fiscal year-end information from th

Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts...

Free

70.2K

Verified Solution

Question

Accounting

Use the May 31 fiscal year-end information from the followingledger accounts (assume that all accounts have normalbalances).

General Ledger
M. Muncel, CapitalAcct. No. 301Salaries ExpenseAcct. No. 622
DatePRDebitCreditBalanceDatePRDebitCreditBalance
May 31G283,000May 31G241,500
M. Muncel, WithdrawalsAcct. No. 302Insurance ExpenseAcct. No. 637
DatePRDebitCreditBalanceDatePRDebitCreditBalance
May 31G248,000May 31G23,900
Services RevenueAcct. No. 401Rent ExpenseAcct. No. 640
DatePRDebitCreditBalanceDatePRDebitCreditBalance
May 31G2146,246May 31G28,400
Depreciation ExpenseAcct. No. 603Income SummaryAcct. No. 901
DatePRDebitCreditBalanceDatePRDebitCreditBalance
May 31G215,000


1. Prepare closing journal entries from the aboveledger accounts.
2. Post the entries from Requirement 1 to theGeneral Ledger accounts below. Use the transaction number fromRequirement 1 as the date.

Answer & Explanation Solved by verified expert
3.6 Ratings (399 Votes)

Date Accounts debit credit
May-31 Service revenue 146246
Income summary 146246
May-31 Income summary 68800
   Depreciation expense 15000
   Salaries expense 41500
   Insurance expense 3900
   Rent expense 8400
May-31 Income summary 77,446
   M.Muncel Capital 77446
May-31 M.Muncel Capital 48000
M.Muncel Withdrawals 48000
M.Muncel Capital
Date PR Debit credit Balance
May-31 83000
May-31 Closing 77446 160446
May-31 Closing 48000 112,446
M.Muncel Withdrawals
Date PR Debit credit Balance
May-31 48000
May-31 Closing 48000 0
Service revenue
Date PR Debit credit Balance
May-31 416246
May-31 Closing 416246 0
Depreciation expense
Date PR Debit credit Balance
May-31 15000
May-31 Closing 15000 0
Salaries expense
Date PR Debit credit Balance
May-31 41500
May-31 Closing 41500 0
Insurance expense
Date PR Debit credit Balance
May-31 3900
May-31 Closing 3900 0
Rent expense
Date PR Debit credit Balance
May-31 8400
May-31 Closing 8400 0
Income summary
Date PR Debit credit Balance
May-31 Closing 146246 146246
May-31 Closing 66800 77,446
May-31 Closing 77,446 0

if any doubt please mention in comment
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

1. What is an acrosomal reaction after egg and sperm first contact? What molecular interaction activates...

Medical Sciences
1.2K views

A complete and correct answer will include all organs and tissue types involved, and in what...

Medical Sciences
1.2K views

1. Why is it important for a hominid to have a more centralized to anterior foramen...

Biology
1.2K views

Experts estimate that upwards of 75 of all people with a vagina have experienced this...

Biology
1.2K views

11 During showers Sara often becomes agitated pinches and yells at others What would be...

Physics
1.2K views

A uniform slender rod of length L cross sectional area A and Young s modulus...

Geometry
1.2K views

9 Write the term needed to create a perfect square trinomial m b p 6x...

Accounting
1.2K views

What type of cost exhibits the behavior shown below? Multiple Choice Variable cost...

Accounting
1.2K views

need to check my work QTY Jul. 1 ...

Accounting
1.2K views

Gray Company produces and sells a single product. The information about their operation for the...

Accounting
1.2K views

Required information Use the following information for the Exercises below. (Algo) ...

Accounting
1.2K views

Magic Realm, Inc., has developed a new fantasy board game. The company sold 16,600 games...