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 Account Number 301 Salaries Expense Account Number 622 Dated PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 78,000 May 31 G2 39,000 M. Muncel, Withdrawals Account Number 302 Insurance Expense Account Number 637 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 50,000 May 31 G2 5,200 Services Revenue Account Number 403 Rent Expense Account Number 640 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 137,436 May 31 G2 11,000 Depreciation Expense Account Number 603 Income Summary Account Number 901 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 20,000 (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date.
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Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accou...
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