Exercise 4-8 Preparing and posting closing entries LO P2 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 Acct. No. 301 Salaries Expense Acct. No. 622 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 92,000 May 31 G2 46,000 M. Muncel, Withdrawals Acct. No. 302 Insurance Expense Acct. No. 637 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 57,000 May 31 G2 5,720 Services Revenue Acct. No. 401 Rent Expense Acct. No. 640 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 162,104 May 31 G2 12,040 Depreciation Expense Acct. No. 603 Income Summary Acct. No. 901 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 22,000
1. Prepare closing journal entires from the above ledger accounts.
2. Post the entires from requirments 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 above ledger accounts.