Check my work 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 Acct. No. 381 Salaries Expense Date PR Debit Credit Balance Acct. No. 622 Date PR May 31 Debit Credit Balance 75,000 May 31 G2 37,500 M. Muncel, Withdrawals Acct. No. 302 Insurance Expense Date Acct. No. 637 PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 50,000 May 31 G2 3,640 Services Revenue Acct. No. 401 Rent Expense Acct. No. 640 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 132,150 May 31 7,880 Depreciation Expense Acct. No. 603 Income Summary Acct. No. 901 Date PR Debit Credit Balance Date PR Debit Credit Balance May 31 G2 14,000 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 as the date 301: M. Muncel, Capital Dablt Credit Date Date 622: Salaries Expense Debit Credit May 31 Balance 75,000 0 May 31 Balance 37,500 0 0 0 302: M. Muncel, Withdrawals Debit Credit Date 637: Insurance Expense Debit Credit Date May 31 Balance Balance 50,000 0 May 31 3,640 0 0 0 401: Services Revenue Debit Credit 640: Rent Expense Debit Credit Balance Date May 31 Date May 31 Balance 7,880 132,150 0 0 0 0 603: Depreciation Expense Debit Credit 901: Income Summary Debit Credit Date Balance Date May 31 Balance 14,000 0 0