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). Dated May 31 M. Muncel, Capital M. Muncel, Withdrawals Services Revenue General Ledger Salaries Expense Insurance Expense Account Number 622 Credit Account Number 301 PR G2 Debit Credit Balance 87,000 Date May 31 PR Debit Balance G2 43,500 Account Number 302 Account Number 637 Date PR Debit Credit Balance May 31 G2 60,000 Date May 31 PR Debit Credit Balance G2 4,160 Account Number 403 Rent Expense Account Number 640 Date PR Debit Credit Balance May 31 G2 153,294 Depreciation Expense Account Number 603 Date May 31 Income Summary Debit Credit Balance G2 8,920 Account Number 901 Date May 31 PR G2 Debit Credit Balance Date PR Debit Credit Balance 16,000 (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 Prepare closing journal entries from the above ledger accounts. View transaction list