Exercise 3-19 (Static) Preparing and posting closing entries LO P6 Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). General Ledger Retained Earnings Date May 31 PR Debit Account Number 318 Credit Salaries Expense Balance Date PR Debit Account Number 622 Credit Balance G2 40,000 May 31 G2 20,000 Dividends Date PR Debit Account Number 319 Credit Insurance Expense Balance Date PR Debit Account Number 637 Credit Balance May 31 G2 22,000 May 31 G2 4,400 Services Revenue Date PR Debit Account Number 403 Credit Rent Expense Balance Date PR Debit Account Number 640 Credit May 31 G2 76,000 Depreciation Expense Date May 31 PR G2 Debit Account Number 603 Credit May 31 Income Summary G2 Balance 8,400 Balance Date PR Debit Account Number 901 Credit Balance 15,000 (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date.