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). M. Muncel, Capital General Ledger Account Number 622 Credit Balance Account Number 301 Salaries Expense Dated May 31 PR Debit Credit Balance G2 76,000 Date May 31 PR Debit G2 38,000 M. Muncel, Withdrawals Account Number 302 Insurance Expense Account Number 637 Date PR Debit Credit Balance Date May 31 G2 49,000 May 31 Services Revenue Account Number 403 Rent Expense Date PR Debit Credit Balance May 31 G2 133,912 Depreciation Expense Account Number 603 Date May 31 PR G2 Debit Credit Balance Date May 31 Income Summary Date XON ON PR Debit Credit Balance G2 3,388 Account Number 640 PR Debit Credit G2 Balance 7,360 PR Debit Credit Account Number 901 Balance 13,000 (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. Complete this questions by entering your answers in the tabs below. 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. 301: M. Muncel, Capital Date Debit Credit Balance Date May 31 76,000 May 31 Date May 31 Date May 31 May 31 Date 622: Salaries Expense Debit Credit Balance 38,000 302: M. Muncel, Withdrawals Debit 637: Insurance Expense Credit Balance Date Debit Credit Balance 49,000 May 31 3,380 403: Services Revenue Debit Credit Balance Date 133,912 May 31 603: Depreciation Expense Debit Credit Balance Date 13,000 640: Rent Expense Debit Credit Balance 7,360 901: Income Summary Debit < Required A Required B Credit Balance