Business, 22.07.2020 01:01, hannahv10

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 entries from the above ledger accounts.
2. Post the entries from Requirement 1 to the General Ledger accounts above. Use the transaction number from Requirement 1 as the date.

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 05:40, rafa3997

According to the philosopher immanuel kant, the right of employees to know the nature of the job they are being hired to do and the obligation of a company not to deceive them in this respect is mainly reflective of the basic right of . privac yb. free consentc. freedom of speechd. freedom of consciencee. first refusal

Answers: 1

continue

Business, 22.06.2019 06:30, Shavaila18

Select all that apply. what do opponents of minimum wage believe are the results of minimum wage? increases personal income results in job shortages causes unemployment raises prices of goods

Answers: 1

continue

Business, 22.06.2019 10:40, meillsss

Parks corporation is considering an investment proposal in which a working capital investment of $10,000 would be required. the investment would provide cash inflows of $2,000 per year for six years. the working capital would be released for use elsewhere when the project is completed. if the company's discount rate is 10%, the investment's net present value is closest to (ignore income taxes) ?

Answers: 1

continue

Business, 22.06.2019 17:30, brittanyjacob8

Kevin and jenny, who are both working full-time, have three children all under the age of ten. the two youngest children, who are three and five years old, attended eastside pre-school for a total cost of $3,000. ervin, who is nine, attended big kid daycare after school at a cost of $2,000. jenny has earned income of $15,000 and kevin earns $14,000. what amount of childcare expenses should be used to determine the child and dependent care credit?

Answers: 3

continue

Do you know the correct answer?

Preparing and posting closing entries LO P2 Use the May 31 fiscal year-end information from the fol...