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E4-1 Use the March 31 fiscal year-end information from the following ledger accounts

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Use the March 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances) to prepare closing journal entries and then post those entries to the appropriate ledger accounts.

General Ledger
M. Mallon, Capital Acct. No. 301
Date PR Debit Credit Balance
Mar. 31 G2 42,000
M. Mallon, Withdrawals Acct. No. 302
Date PR Debit Credit Balance
Mar. 31 G2 25,000
Services Revenue Acct. No. 401
Date PR Debit Credit Balance
Mar. 31 G2 74,000
Depreciation Expense Acct. No. 603
Date PR Debit Credit Balance
Mar. 31 G2 17,000
Salaries Expense Acct. No. 622
Date PR Debit Credit Balance
Mar. 31 G2 21,000
Insurance Expense Acct. No. 637
Date PR Debit Credit Balance
Mar. 31 G2 4,500
Rent Expense Acct. No. 640
Date PR Debit Credit Balance
Mar. 31 G2 9,600
Income Summary Acct. No. 901
Date PR Debit Credit Balance

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