Exercise 4-8 Preparing and posting closing entries LO P2 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 Date Acct. No. 301 PR DebitCreditBalance G2 86,000 Salaries Acct. No. 622 Expense Date PR DebitCreditBalance May 31 C2 43,000 May 31 Insurance Acct. No. 637 Expense Date PR DebitCreditBalance May 31 C2 3,640 M. Muncel, withdrawals Acct. No. 302 Date PR DebitCreditBalance May 31 G2 54,000 Services Revenue Acct. No. 401 Date PR DebitCreditBalance May 31 G2 151,532 Depreciation Expense Acct. No. 603 Date PR DebitCreditBalance May 31 G2 14,000 Rent Expense Acct. No. 640 Date PR DebitCreditBalance May 31 C2 7,880 Income Summary Date Acct. No. 901 PR DebitCreditBalance 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 Required 1 2 Prepare closing journal entries from the above ledger accounts. @ .. View transaction list View journal entry worksheet No Transaction General Journal 1 1 Services revenue Income summary Credit Debit 151,532 151,532 2 2 Income summary Depreciation expense Salaries expense Insurance expense Rent expense 14,000 43,000 3,640 7.880 3 3 Income summary M. Muncel, Capital M. Muncel, Capital M. Muncel, Withdrawals General Ledger M. Muncel, Capital Date May 31 Acct. No. 301 PR Debit CreditBalance G2 86,000 Salaries Acct. No. 622 Expense Date PR DebitCreditBalance May 31 C2 43,000 N. Muncel, withdrawals Nect. No. 302 Date PR Debit Credit Balance May 31 G2 54,000 Insurance Acct. No. 637 Expense Date PR DebitCreditBalance May 31 C2 3,640 Services Revenue Date May 31 Acct. No. 401 PR Debit CreditBalance G2 151,532 Rent Expense Acct. No. 640 Date PR DebitCreditBalance May 31 C2 7,880 Depreciation Acct. No. 603 Expense Date PR DebitCreditBalance May 31 G2 14,000 Income Summary Date Acct. No. 901 PR DebitCreditBalance 1. Prepare closing journal entries from the above ledger accounts. 2. Post the entries from Requirement 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 Required 2 Post the entries from Requirement 1 to the General Ledger accounts below. Use the transaction Requirement 1 as the date. 301: M. Muncel, Capital 622: Salaries Expense Date Debit Credit Balance Date Debit Credit Balance May 31 86,000 May 31 43,000 0 0 0 0 637: Insurance Expense Debit Credit Date May 31 302: M. Muncel, Withdrawals Debit Credit Balance 54.000 0 0 Date May 31 Balance 3,640 0 0 401: Services Revenue Debit Credit 640: Rent Expense Debit Credit Date May 31 Balance 151,532 0 0 Date May 31 Balance 7,880 0 0 Date 901: Income Summary Debit Credit Balance Date May 31 603: Depreciation Expense Debit Credit Balance 14,000 0 0