ing Process 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 Acct. No. 301 Debit Credit Balance 94,000 Salaries Expense Date PR May 31 G2 Acct. No. 622 Debit Credit Balance 47,800 M. Muncel, Withdrawals Date May 31 PR G2 Acct. No. 302 Debit Credit Balance 64,000 Insurance Expense Date May 31 PR G2 Acct. No. 637 Debit Credit Balance 4,160 Services Revenue Date May 31 PR Acct. No. 101 Debit Credit Balance 165,628 Rent Expense Date PR May 31 Acct. No. 640 Debit Credit Balance 8,920 Depreciation Expense Date PR May 31 G2 Acct. No. 603 Debit Credit Balance 16,089 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 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 the above ledger accounts View transaction list