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 balance M. Muncel, Capital General Ledger Account Number 301 Salaries Expense Dated May 31 PR Debit Credit Balance G2 86,000 Date May 31 PR Debit Account Numbe Credit Bala G2 M. Muncel, Withdrawals Date PR Debit Account Number 302 Credit Insurance Expense Balance Date PR Debit 43, Account Numbe Credit May 31 G2 56,000 May 31 G2 Bala 4,4 Services Revenue Account Number 403 Rent Expense Account Numbe Date PR Debit Credit Balance May 31 G2 151,532 Depreciation Expense Account Number 603 Date May 31 PR Debit Credit G2 Balance 17,000 Date May 31 Income Summary Date PR Debit Credit G2 Bala 9,4 Account Numbe PR Debit Credit Bala (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 Requireme the date. Answer is not complete. Complete this questions by entering your answers in the tabs below. Required A Required B Prepare closing journal entries from the above ledger accounts. No Transaction General Journal Debit Credit A 1 Services revenue 151,532 Income summary 151,532 B 2 Income summary Depreciation expense Salaries expense Insurance expense Rent expense C 3 Income summary M. Muncel, Capital D 4 M. Muncel, Capital M. Muncel, Withdrawals Required A Required B > 00 73,860 17,000 43,000 4,420 9,440 86,000 86,000 56,000 56,000