Question

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 Date Acct. No. 301 PR DebitCreditBalance G2 86,000 Salaries Acct. No. 622 Expense Date PR DebitCreditBalance May 31 C2 43,000 May 31 Insurance Acct. No. 637 Expense Date PR DebitCreditBalance May 31 C2 3,640 M. Muncel, withdrawals Acct. No. 302 Date PR DebitCreditBalance May 31 G2 54,000 Services Revenue Acct. No. 401 Date PR DebitCreditBalance May 31 G2 151,532 Depreciation Expense Acct. No. 603 Date PR DebitCreditBalance May 31 G2 14,000 Rent Expense Acct. No. 640 Date PR DebitCreditBalance May 31 C2 7,880 Income Summary Date Acct. No. 901 PR DebitCreditBalance 1. Prepare closing journal entries from the above ledger accounts. 2. Post the entries from Requirement 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 Required 1 2 Prepare closing journal entries from the above ledger accounts. @ .. View transaction list View journal entry worksheet No Transaction General Journal 1 1 Services revenue Income summary Credit Debit 151,532 151,532 2 2 Income summary Depreciation expense Salaries expense Insurance expense Rent expense 14,000 43,000 3,640 7.880 3 3 Income summary M. Muncel, Capital M. Muncel, Capital M. Muncel, Withdrawals

Answer 1

Event Credit General Journal Services Revenue Income summary Ho record service revenue) Debit $151,532 $151532 d Income Summary Depreciation expense. Salaries expense Insurance expense. Rent expense ( (Yo record expenses $68,520 $14,000 $43,000 $ 3,640 $ 7,880 3. $83,012 Income Summary M. Muncel, Capital (to record M. Muncel, Capital) $83,012 4 M. Muncel, Capital $ 54,000 M. Muncel, withdrawals $ 54,000 Yo record withdrawal) calculation? (3) Income Summary Services revenue - All expenses $15,532- $68,520 $83,012

M. Muncel, Capital Date Debit credit Balance May 31 $ 86,000 3 $83,012 $169,012 4 $54,000 1$ 115,012 Salaries Expenser Date Debit credit Balance May 31 $43,000 q $43,000 $0 Date Mi Muncel, withdrawals Debit credit Balance $ 54,000 $54,000 $0 Insurance Expense Date Debit credit Balance May 31 $3,640 $3,640 $0 May 31 2 니 Date Services Revenue Debit credit Balance $ 151,532 $ 151,532 $0 Rent Expense Date Debit credit Balance $ 7,080 May 31 May 3) 2 1 $7,880 $0 Depreciation expense Date Debit credit Balance $ 14,000 $14,000 $ 0 Income Summary Date Debit Credit Balance $151532*1S1,532 $68,520 $83,012 3 183,012 1 May 3) 2.