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 Acct. No. 301 Salaries Expense Acct. No. 622 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 92,000 May 31 G2 46,000 M. Muncel, Withdrawals Acct. No. 302 Insurance Expense Acct. No. 637 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 57,000 May 31 G2 5,720 Services Revenue Acct. No. 401 Rent Expense Acct. No. 640 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 162,104 May 31 G2 12,040 Depreciation Expense Acct. No. 603 Income Summary Acct. No. 901 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 22,000
1. Prepare closing journal entires from the above ledger accounts.
2. Post the entires from requirments 1 to the General Ledger accounts below. Use the transaction number from Requirement 1 as the date.
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Required 1 Required 2
Prepare closing journal entries from above ledger accounts.

On coral island in 2012, the labor force is 12,000, the unemployment rate is 10 percent, and the labor force participation rate is 60 percent. during 2013, 200 unemployed people found jobs and the working-age population increased by 1,000. the total number of people in the labor force did not change. the working-age population at the end of 2013 was the unemployment rate at the end of 2013 was round up to the second decimal. the labor force participation rate at the end of 2013 was round up to the second decimal.

Suppose the real risk-free rate and inflation rate are expected to remain at their current levels throughout the foreseeable future. consider all factors that affect the yield curve. then identify which of the following shapes that the u.s. treasury yield curve can take. check all that apply.

During the year, the delph company had no beginning or ending inventories and it started, completed, and sold only two jobs—job d-75 and job c-100. it provided the following information related to those two jobs: job d-75: molding fabrication total direct materials cost $ 375,000 $ 325,000 $ 700,000 direct labor cost $ 200,000 $ 160,000 $ 360,000 machine-hours 15,000 5,000 20,000 job c-100: molding fabrication total direct materials cost $ 300,000 $ 250,000 $ 550,000 direct labor cost $ 175,000 $ 225,000 $ 400,000 machine-hours 5,000 25,000 30,000delph had no overapplied or underapplied manufacturing overhead during the year. assume delph uses a plantwide overhead rate based on machine-hours.1-a. compute the predetermined plantwide overhead rate.1-b. compute the total manufacturing costs assigned to job d-70 and job c-200.1-c. if delph establishes bid prices that are 150% of total manufacturing costs, what bid price would it have established for job d-70 and job c-200? 1-d. what is delph's cost of goods sold for the year? assume delph uses departmental overhead rates based on machine-hours.2-a. compute the predetermined departmental overhead rates.2-b. compute the total manufacturing costs assigned to job d-70 and job c-200.2-c. if delph establishes bid prices that are 150% of total manufacturing costs, what bid price would it have established for job d-70 and job c-200? 2-d. what is delph's cost of goods sold for the year?