Exercise 4-8 (Algo) 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 . Muncel, Capital Account Number 301 Salaries Expense Account Number Dated PR Debit Credit Balance Date PR Debit Credit Balans May 31 G2 81,000 May 31 G2 40,50 M. Muncel, Withdrawals Account Number 302 Insurance Expende Account Number Date PR Debit Credit Balance Date PR Debit Credit Balan May 31 02 46,000 May 31 G2 5, 46 Services Revenue Account Number 403 Rent Expense Account Number Date PR Debit Credit Balance Date PR Debit Credit Balan May 31 G2 142.722 May 31 G2 11,52 Depreciation Expense Account Number 603 Income Summary Account Number Date PR Debit Credit Balance Date DR Debit Credit Balan May 31 G2 21,000 (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 (o) as the date. A B D Record the entry to close revenue accounts. Note: Enter debits before credits. Transaction Debit Credit 1 General Journal Services revenue Income summary Record entry Clear entry View general journal D Record the entry to close expense accounts. Dobit Credit Note: Enter debits before credits. Transaction General Journal 2 Income summary Depreciation expense Salaries expense Insurance expense Rent expense Record entry Clear entry View general Journal