4 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). 20 points General Ledger Skipped M. Muncel, Capital Date PR May 31 G2 Acct. No. 301 Debit Credit Balance 40,000 Salaries Expense Date PR May 31 G2 Acct. No. 622 Debit Credit Balance 20,000 eBook Ask M. Muncel, Withdrawals Date PR G2 Acct. No. 302 Debit Credit Balance 22,000 Insurance Expense Date PR May 31 G2 Acct. No. 637 Debit Credit Balance 4,400 May 31 Services Revenue Date May 31 PR G2 Acct. No. 401 Debit Credit Balance 76,000 Rent Expense Date May 31 PR G2 Acct. No. 640 Debit Credit Balance 8,400 Depreciation Expense Date PR G2 Acct. No. 603 Debit Credit Balance 15,000 Income Summary Date PR Acct. No. 901 Debit Credit Balance 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 date. Required 1 Required 2 Prepare closing journal entries from the above ledger accounts. View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close revenue accounts. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Journal entry worksheet Record the entry to close expense accounts. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Record entry Clear entry View general Journal Journal entry worksheet Record the entry to close income summary account. Note: Enter debits before credits. General Journal Debit Credit Transaction 3 Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 > Record the entry to close the withdrawals account. Note: Enter debits before credits. General Journal Debit Credit Transaction 4 Record entry Clear entry View general Journal Required 1 Required 2 Post the entries from Requirement 1 to the General Ledger accounts below. Use the transaction number from Requirement 1 a 301: M. Muncel, Capital Debit Credit 622: Salaries Expense Debit Credit Date May 31 Balance 40,000 Date May 31 Balance 20,000 0 0 0 0 302: M. Muncel, Withdrawals Debit Credit 637: Insurance Expense Debit Credit Date Balance Balance 22,000 0 Date May 31 May 31 4,400 0 0 0 401: Services Revenue Debit Credit 640: Rent Expense Debit Credit Date May 31 Balance 76,000 Date May 31 Balance 8,400 0 0 0 0 401: Services Revenue Debit Credit 640: Rent Expense Debit Credit Balance Date Date May 31 Balance 8,400 76,000 May 31 0 0 0 0 603: Depreciation Expense Debit Credit 901: Income Summary Debit Credit Date Date Balance Balance 15,000 May 31 0 0