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 General Ledger M. Muncel . Capital Aoat. o. 301 aaries Expense Aeet. No. 62 PR Debit Credit Balance 93,000 -Debit-Credit palance May 31 M. Muncel, Withdravals Acet. No. 302 DatePR Debit Credit Dalance 61,000 May 31 May 31 160 Services Revenue Acct. No- 401R PR Debit Credit Balance 163,866 t Expense Date PR Debit Credit Balance May 31 May 31 Lat.ion Expense DatePR Debit Crodit Balance hoct. No. 60 Inoone Sunmary May 31 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 Complete this questions by entering your answers in the tabs below Required Required 2 Prepare closing journal entries from above ledger accounts. KPrev 2 of Next