Exercise 4-8 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) General Ledger M. Muncel, Capital Date PR May 31 G2 Acct. No. 301 Debit Credit Balance 40,000 Salaries Expense Date PR May 31 G2 Acct. No. 622 Debit Credit Balance 20,000 M. Muncel, Withdrawals Date PR May 31 G2 Acct. No. 302 Debit Credit Balance 22,000 Insurance Expense Date PR May 31 G2 Acct. No. 637 Debit Credit Balance 4,400 Services Revenue Date May 31 PR G2 Acct. No. 401 Debit Credit Balance 76,000 Rent Expense Date May 31 PR G2 Acct. No. 648 Debit Credit Balance 8,400 Depreciation Expense Date May 31 G2 PR Acct. No. 603 Debit Credit Balance 15,000 Income Summary Date PR Acct. No. 901 Debit Credit Balance 1. Prepare closing journal entries from the above ledger accounts. 2. Post the entries from Requirement 1 to the General Ledger accounts below. Use the transaction number from Requirement la date. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare closing Journal entries from the above ledger accounts