4–7 This exercise should be used in conjunction with Starter 4–6. Use the data in Starter 4–6 to set up T-accounts for those accounts that Lipsky Insurance Agency closed on May 31. Insert their account balances prior to closing, post the closing entries to these accounts, and show each account’s ending balance after closing. Also show the Income Summary T-account. Label a balance as Bal. and a closing entry amount as Clo.