Exercise 4-8 Preparing and posting closing entries CP2 Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances) to prepare closing journal entries and then post those entries to ledger accounts. General Ledger Acct. No. 301 Acct. No. 622 M. Muncel, Capital Date PR Debit Credit Balance Debit Salaries Expense Date PR May 31 G2 Insurance Expense Date PR 40,000 Acct. No. 302 Credit Balance 22,000 Acct. No. 401 Credit Balance 20,000 Acct. No. 637 Credit Balance Debit May 31 G2 M. Muncel, Withdrawals Date PR Debit May 31 G2 Services Revenue Date PR Debit May 31 | 62 Depreciation Expense Date PR Debit 4,400 May 31 32 Rent Expense Acct. No. 640 Credit Balance Debit Credit Balance 76,000 Acct. No. 603 Balance Date PR May 31 G2 Income Summary 8,400 Acct. No. 901 | Credit Date PR Debit Credit Balance May 31 | 62 15,000 Check M. Muncel Capital (ending balance). $46,200