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). (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. Journal entry worksheet Record the entry to close revenue accounts. Note: Enter debits before credits. Required A Required B Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date. \begin{tabular}{|r|r|r|r|} \hline \multicolumn{3}{|c|}{ 301: M. Muncel, Capital } \\ \hline Date & Dobit & Crodit & \multicolumn{1}{|c|}{ Balance } \\ \hline May31 & & & 82,000 \\ \hline & 21,000 & & 61,000 \\ \hline & & & 0 \\ \hline \end{tabular} \begin{tabular}{|l|c|r|r|} \hline \multicolumn{3}{|c|}{ 022: Salaries Expense } \\ \hline Date & Debit & Credit & Balance \\ \hline May31 & & & 41,000 \\ \hline & & & 0 \\ \hline & & & 0 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|r|} \hline \multicolumn{3}{|c|}{302: M. Muncel, Whithrawals } \\ \hline Date & Debit & Cradit & Balance \\ \hline May 31 & & & 51,000 \\ \hline & & & 0 \\ \hline & & & 0 \\ \hline \end{tabular} \begin{tabular}{|l|c|r|r|} \hline \multicolumn{3}{|c|}{637 insurance Expense } \\ \hline Date & Debit & Credit & \multicolumn{1}{|c|}{ Bolence } \\ \hline May 31 & & & 5,460 \\ \hline & & & 0 \\ \hline & & & 0 \\ \hline \end{tabular} \begin{tabular}{|l|c|r|r|} \hline \multicolumn{3}{|c|}{ 403iservices Revenue } \\ \hline Date & Debit & Credit & Balance \\ \hline May31 & & & 144,464 \\ \hline & & & 0 \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|r|r|r|} \hline \multicolumn{1}{|c|}{ C40: Rent Expente } \\ \hline Date & Debia & Credit & Balance \\ \hline May 31 & & & 11.520 \\ \hline & & & 0 \\ \hline & & & 0 \\ \hline \end{tabular} \begin{tabular}{|l|r|r|r|} \hline \multicolumn{3}{|c|}{ 603: Depreciation Expenses } \\ \hline Date & Doblt & Credit & Balance \\ \hline May 31 & & & 21,000 \\ \hline & & & 0 \\ \hline & & & 0 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Date & \multicolumn{3}{|c|}{ D01: Bncome Summery } \\ \hline & & Credit & Balance \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} >