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Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). General Ledger Account Number 318 Salaries Expense Balance 93,000 Retained Earnings Date Account Number 622 Balance 46,500 Account Number 637 Balance 4,680 Account Number 640 PR Debit Credit PR G2 Account Number 319 Insurance Expense Date May 31 Debit Credit May 31 Dividends G2 Date May 31 Services Revenue PR G2 Debit Credit Balance Date PR G2 Debit Credit 59,000 Account Number 403 Rent Expense Balance 163,866 Account Number 603 Income Summary Balance 18,000 May 31 Date PR G2 Date May 31 Debit Credit PR Debit Credit May 31 Depreciation Expense Date May 31 Balance 9,960 Account Number 901 G2 PR G2 Debit Credit Date PR Debit Credit Balance (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.

Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). General Ledger Account Number 318 Salaries Expense Balance 93,000 Retained Earnings Date Account Number 622 Balance 46,500 Account Number 637 Balance 4,680 Account Number 640 PR Debit Credit PR G2 Account Number 319 Insurance Expense Date May 31 Debit Credit May 31 Dividends G2 Date May 31 Services Revenue PR G2 Debit Credit Balance Date PR G2 Debit Credit 59,000 Account Number 403 Rent Expense Balance 163,866 Account Number 603 Income Summary Balance 18,000 May 31 Date PR G2 Date May 31 Debit Credit PR Debit Credit May 31 Depreciation Expense Date May 31 Balance 9,960 Account Number 901 G2 PR G2 Debit Credit Date PR Debit Credit Balance (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.

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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Required A Required B Prepare closing journal entries from the above ledger accounts. View transaction list Journal entry worksheet < A B <> Record the entry to close the dividends account. Note: Enter debits before credits. Transaction General Journal Debit Credit 4 Record entry Clear entry View general journal RequiredA Required B > < Prev 4 of 8 Next > MacBook Air DII 号口 888 F7 F4 @ 23 24 & 2 3 4 5 7 W E R Y F B * 00
Transcribed Image Text:Required A Required B Prepare closing journal entries from the above ledger accounts. View transaction list Journal entry worksheet < A B <> Record the entry to close the dividends account. Note: Enter debits before credits. Transaction General Journal Debit Credit 4 Record entry Clear entry View general journal RequiredA Required B > < Prev 4 of 8 Next > MacBook Air DII 号口 888 F7 F4 @ 23 24 & 2 3 4 5 7 W E R Y F B * 00
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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Journal entry is a process of recording and classifying business transactions into books of accounts initially. This is the first step in the accounting cycle and after the journal entries, the transactions are posted to ledger accounts. 

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