completed so far, it does not indicate completion. 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 H. Huncel, Capital Date Acct. No. 301 PR Debit Credit Balance Salaries Expense May 31 62 75,000 Date May 31 PR 02 Acct. No. 622 Debit Credit Balance 37,500 M. Muncel, Mithdrawals Date May 31 PR Acct. No. 302 Debit Credit Balance Insurance Expense 02 43,000 Date May 31 PR Acct. No. 637 Debit Credit Balance 02 3,900 Services Revenue Date May 31 PR Acct. No. 401 Debit Credit Balance Rent Expense Date Acct. No. 640 PR Debit Credit Balance 62 132,150 02 8,400 Depreciation Expense Date Play 21 PR 02 Acct. No. 603 Debit Credit Balance 15,000 Income Summary Date Acct. No. 901 PA Debit Credit Balance < Prev 8 of 16 Next > Return to question