Preparing and posting closing entries Use the 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.

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General Ledger M. Muncel, Capital Acct. No. 301 Salaries Expense Date PR Debit Credit Balance Date PR Debit Credit Dec. 31 G2 40,000 Dec. 31 G2 Acct. No. 622 Balance 20,000 M. Muncel, Withdrawals Acct. No. 302 Insurance Expense Acct. No. 637 Date PR Debit Credit Balance Date PR Debit Credit Balance Dec. 31 G2 22,000 Dec. 31 G2 4.400 Services Revenue Acct. No. 401- Rent Expense Acct. No. 640 Date PR Debit Credit Balance Date PR Debit Credit Balance Dec. 31 G2 76,000 Dec. 31 G2 8,400 Depreciation Expense Acct. No. 603 Income Summary Acct. No. 901 Date PR Debit Credit Balance Date PR Debit Credit Balance Dec. 31 G2 15,000