75,000 Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). M. Muncel, Capital Date May 31 General Ledger Acct. No. 301 PR Debit Credit G2 Balance Salaries Expense Date May 31 PR Debit Acct. No. 622 Credit Balance G2 M. Muncel, Withdrawals Date PR Debit Acct. No. 302 Credit Balance Insurance Expense Date PR Debit 37,500 Acct. No. 637 Credit Balance May 31 G2 40,000 May 31 G2 4,160 Services Revenue Date PR Debit Acct. No. 401 Credit Balance Rent Expense Date May 31 G2 132,150 May 31 PR G2 Debit Acct. No. 640 Credit Balance 8,920 Depreciation Expense Date May 31 PR Debit G2 Acct. No. 603 Credit Balance 16,000 Income Summary Date PR Debit Acct. No. 901 Credit Balance 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 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. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal