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			Account Number 318		Salaries Expense			Account Number 622
Date	PR	Debit	Credit	Balance	Date	PR	Debit	Credit	Balance
May 31	G2			40,000	May 31	G2			20,000
Dividends			Account Number 319		Insurance Expense			Account Number 637
Date	PR	Debit	Credit	Balance	Date	PR	Debit	Credit	Balance
May 31	G2			22,000	May 31	G2			4,400
Services Revenue			Account Number 403		Rent Expense			Account Number 640
Date	PR	Debit	Credit	Balance	Date	PR	Debit	Credit	Balance
May 31	G2			76,000	May 31	G2			8,400
Depreciation Expense			Account Number 603		Income Summary			Account Number 901
Date	PR	Debit	Credit	Balance	Date	PR	Debit	Credit	Balance
May 31	G2			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.