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 Acct. No. 301 Salaries Expense Debit Credit Balance Date PR 40,000 May 31 G2 Acct. No. 622 Debit Credit Balance 20,000 M. Muncel, Capital Date PR May 31 G2 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 Rent Expense Date PR G2 Acct. No. 401 Credit Balance 76,000 Debit PR G2 Acct. No. 640 Debit Credit Balance 8,400 May 31 Depreciation Expense Date PR May 31 G2 Acct. No. 603 Debit Credit Balance 15,000 Income Summary Date PR Acct. No. 981 Debit Credit Balance 1. Prepare closing journal entries from the above ledger accounts 2. Post the entries from Requirement to the General Ledger accounts below. Use the transaction number from Requirement as the date Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare dosing journal entries from the above ledger accounts Viswation Tournant worksheet