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 oped M. Muncel, Capital Acct. No. 301 Salaries Expense Acct. No. 622 Debit Credit Balance Date Debit Credit Balance PR Date PR May 31 G2 75,000 May 31 37,500 ook M. Muncel, Withdrawals Insurance Acct. No. 302 Acct. No. 637 Expense Date May 31 Date Debit Credit Balance PR Debit Credit Balance PR inn May 31 G2 44,000 G2 3,120 Services Revenue Acct. No. 401 Debit Credit Balance Rent Expense Date Acct. No. 640 Debit Credit Balance int Date PR PR May 31 G2 132,150 May 31 G2 6,840 Depreciation Expense Acct. No. 603 Debit Credit Balance 12,000 Income Summary ences Acct. No. 901 Debit Credit Balance Date PR Date PR May 31 G2 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 1 as the date. Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare closing journal entries from above ledger accounts. View transaction list 2