Exercise 3-19 (Algo) Preparing and posting closing entries LO P6 Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). Retained Earnings Date May 31 Dividends Date General Ledger Account Number 318 Credit Salaries Expense Date May 31 Insurance Expense Account Number 622 Credit PR Debit Balance PR Debit Balance G2 79,000 G2 39,500 PR Debit Account Number 319 Credit Balance May 31 G2 49,000 Date May 31 PR Debit Account Number 637 Credit Balance G2 5,460 Services Revenue Account Number 403 Rent Expense Date PR Debit Credit Balance May 31 G2 139,198 Date May 31 PR Debit Account Number 640 Credit Balance G2 11,520 Depreciation Expense Account Number 603 Income Summary Account Number 901 Date May 31 PR G2 Debit Credit Balance Date PR Debit Credit Balance 21,000 (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date.