(Click the icon to view the reported items.) Required 1. Make Lipsky Insurance Agency's closing entries, as needed, for these accounts. Include oxplanations. 2. T-accounts for Lipsky Insurance Agency's closing on May 31 have been oponed for you wit beginning balances. Post the closing entries to these accounts (beginning balances have been opened for you), and show each account's ending balance atter closing. Also, show the income Summary T-account. Begin by recording the closing entry for servioe revenue. (Record debits first, then credits. Select the correct date for the entry. Enter explanations on the last line.)