Use the May 31 fiscal year-end information from the following ledger accounts (a

Question

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. 622 Acct. No. 301 PR Debit Credit Balance 90,000 Salaries Expense Date May 31 Date May 31 PR Debit Credit Balance G2 G2 45,000 M. Muncel, Withdrawals Acct. No. 637 Acct. No. 302 PR Debit Credit Balance 57,000 Insurance Expense Date May 31 Date May 31 PR Debit Credit Balance G2 G2 4,420 Services Revenue Acct. No. 640 Acct. No. 401 PR Debit Credit Balance 158,580 Rent Expense Date May 31 Date May 31 PR Debit Credit Balance G2 G2 Depreciation Expense G2 9,440 Acct. No. 901 Acct. No. 603 PR Debit Credit Balance 17,000 Income Summary PR Debit Credit Balance Date May 31 Date

Explanation / Answer

Journal Entries (Amounts in $)

Transaction General Journal Debit Credit 1 Services Revenue 158,580 Income Summary 158,580 (To close revenue accounts) 2 Income Summary 75,860 Depreciation Expense 17,000 Salaries Expense 45,000 Insurance Expense 4,420 Rent Expense 9,440 (To close expense accounts) 3 Income Summary (158,580-75,860) 82,720 Retained Earnings 82,720 (To close income summary account) 4 Retained Earnings 57,000 M. Muncel, Withdrawals 57,000 (To close the withdrawals account)

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