Use the May 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 ledgeraccounts.

Transcribed Image Text:

General Ledger M. Muncel, Capital Acct. No. 30 Salaries Expense Acct. No. 622 DatePR Debit CreditBalance Dat PRI Debit | Credit | Balance May 3 G2 40.000 May 3 G2 20,000 M. Muncel, Withdrawals Acct. No. 302 Insurance Expense Acct. No. 637 DatePR Debit CreditBalance Dat PRI Debit | Credit | Balance May 3 G2 22,000 May 3 G2 4,400 Acct. No. 40 Rent Expense Acct. No. 640 Services Revenue DatePR Debit CreditBalance Dat PRI Debit | Credit | Balance May 3 G2 76,000 May 3 G2 8,400 Depreciation Expense Acct. No. 901 Acct. No.603 Income Summar DatePR Debit CreditBalance Dat PR Debit Credit Balance May 3 G2 15,000