Exercise 4-8 Preparing and posting closing entries LO P2 d information from the following ledger accounts (assume that all accounts have normal balances). General Ledger el, Copital laries Expense it Credit Balance 40,500 Date May 31 G2 Muncel, Wi thdravals G2 May 31 81,000 No. 302 5,000 G2 Acct, No. nsurance Expense it Credit Balance 4,940 Date May 31 May 31 G2 ct. No. 640 Acct. No. 401 Rent Expense Date May 31 Services Debit Debit PR G2 Date May 31 PR G2 142,722 0,480 Acct. No. 603 Debit Credit Balance 19,000 ation Expense Income Summary Acct. No te May 31 G2 1. Prepare closing journal entries from the above ledger accounts 2. Post the entries from Requirement 1 to the General Ledger accounts below. date Use the transaction number from Requirement 1 as the Prepare dosing journal entries from above ledger accounts. View transaction list Journal entry worksheet Record the entry to close revenue accounts. Note: Enter debits before credits General J View general journal Clear entry Record entry Required 2> Journal entry worksheet 3 4 Record the entry to close expense accounts. Note: Enter debits before credits. General Journal 2 View general journal Record entry Clear entry Required 2> Journal entry worksheet 2 Record the entry to close income summary account. Note: Enter debits before credits. ransaction Record entry Clear entry View general journal Required 2> Journal entry worksheet Record the entry to close the withdrawals account. Note: Enter debits before credits. View general journal Clear entry Record entry Complete this questions by entering your answers in the tabs below Required 1 Required 2 Post the entries from Requirement 1 to the General Ledger accounts below. Use the transaction number from Requirement 1 as May 31 81,000 May 31 40,500 May 31 55,000May 31 4,940 May 31 42,722May 31 10,480 19,000 May 31 Required 1 of s