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) M. Muncel, Capital Acct. No. 6 Date May 31 Acct. No. 301 dit Balance 78,800 aries Expense Date bi May 31 G2 G2 39,000 M. Muncel Acct. No. 32 Insurance Acct. No. 637 Wi thdrawals Date May 31 Balance 45,000 Expense Date May 31 PR G2 Debit Credit Balanc 3,380 G2 Services Revenue Acct. No. 401 Rent Expense Date May 31 Debit Credit Balance Date May 31 PR G2 G2 137,436 7,360 Income Summary Acct. No. 603 edit Balance 13,000 Depreciation Expense Acct. No. ate Date 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 Use the tran number from Requirement 1 as the date