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he May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have norm General Ledger zained Earnings Date Account Number 318 Salaries Expense Credit Acco Cred PR G2 Debit Balance 93,000 Date PR G2 Account Number 319 Insurance Expense Debit Мay 31 widends Date May 31 PR G2 Acca Cred. Debit Credit Balance 59,000 Account Number 403 Rent Expense Balance Date May 31 PR G2 Debit May 31 rvices Revenue Date Acco Credi PR G2 epreciation Expense Debit Credit Date May 31 PR G2 Debit May 31 163,866 Account Number 603 Income Summary Аcco

he May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have norm General Ledger zained Earnings Date Account Number 318 Salaries Expense Credit Acco Cred PR G2 Debit Balance 93,000 Date PR G2 Account Number 319 Insurance Expense Debit Мay 31 widends Date May 31 PR G2 Acca Cred. Debit Credit Balance 59,000 Account Number 403 Rent Expense Balance Date May 31 PR G2 Debit May 31 rvices Revenue Date Acco Credi PR G2 epreciation Expense Debit Credit Date May 31 PR G2 Debit May 31 163,866 Account Number 603 Income Summary Аcco

Accounting (Text Only)
Accounting (Text Only)
26th Edition
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 6.6BPR
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HAPTER 3 A Saved Required A Required B Prepare closing journal entries from the above ledger accounts. View transaction list Journal entry worksheet A B C D <> Record the entry to close revenue accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal <Reguired A Required B < Prev 4 of 8 Next > MacBook Air 888 %23 24 & 2 3 4 5 6 E R Y F H K C V B
Transcribed Image Text:HAPTER 3 A Saved Required A Required B Prepare closing journal entries from the above ledger accounts. View transaction list Journal entry worksheet A B C D <> Record the entry to close revenue accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal <Reguired A Required B < Prev 4 of 8 Next > MacBook Air 888 %23 24 & 2 3 4 5 6 E R Y F H K C V B
M Question 4 - HOMEWORK CHAPTER 3 - Connect C Rent/Buy Books on Chegg -Save Up K CHAPTER 3 i Saved Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). Retained Earnings Date May 31 Dividends General Ledger Account Number 318 Salaries Expense Balance 93,000 Account Number 622 Balance 46,500 Account Number 637 Balance 4,680 Account Number 640 Balance 9,960 Account Number 901 Balance PR G2 Debit Credit Date May 31 PR G2 Debit Credit Account Number 319 Insurance Expense Credit Date May 31 Services Revenue Date May 31 Depreciation Expense PR Debit Balance 59,000 Account Number 403 Rent Expense Balance 163,866 Account Number 603 Income Summary Date May 31 PR Debit Credit G2 G2 PR G2 Debit Date May 31 Credit PR Debit Credit G2 Date May 31 PR Debit Credit Balance Date PR Debit Credit G2 18,000 (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. es Complete this questions by entering your answers in the tabs below. Required A Required B Prepare closing journal entries from the above ledger accounts. View transaction list Journal entry worksheet A C D B < Prev 4 of 8 Next > MacBook Air %23 & ** 2 3 4 5 6 8 E R Y S K C V LL
Transcribed Image Text:M Question 4 - HOMEWORK CHAPTER 3 - Connect C Rent/Buy Books on Chegg -Save Up K CHAPTER 3 i Saved Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). Retained Earnings Date May 31 Dividends General Ledger Account Number 318 Salaries Expense Balance 93,000 Account Number 622 Balance 46,500 Account Number 637 Balance 4,680 Account Number 640 Balance 9,960 Account Number 901 Balance PR G2 Debit Credit Date May 31 PR G2 Debit Credit Account Number 319 Insurance Expense Credit Date May 31 Services Revenue Date May 31 Depreciation Expense PR Debit Balance 59,000 Account Number 403 Rent Expense Balance 163,866 Account Number 603 Income Summary Date May 31 PR Debit Credit G2 G2 PR G2 Debit Date May 31 Credit PR Debit Credit G2 Date May 31 PR Debit Credit Balance Date PR Debit Credit G2 18,000 (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. es Complete this questions by entering your answers in the tabs below. Required A Required B Prepare closing journal entries from the above ledger accounts. View transaction list Journal entry worksheet A C D B < Prev 4 of 8 Next > MacBook Air %23 & ** 2 3 4 5 6 8 E R Y S K C V LL
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The procedure of recording commercial transactions for first time in the books of accounts is known as journal entry. Adjusting entries, closing entries, and regular entries are examples of diary entries. Journal entries serve as the foundation for other accounting tasks such as ledger account order to prepare, trial balances, financial statements, and so on. A journal entry is the initial, methodical written record of all monetary business transactions. They are listed in chronological order, beginning with the date of the incident and ending with the date of the incident. Adjusting entries, closing entries, and regular entries are examples of diary entries.

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