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 balanc General Ledger ct. No. 622 Salaries Expense Acct. No. 381 Capital PR Debit Credit Balance G2 Date May 31 PR Debit Credit Balance G2 Date May 31 48,588 81,000 Acct. No. 637 Insurance Expense Acct. No. 382 Muncel, Withdrawals it Credit Balance Date May 31 PR Debit Credit Balance 62 4,940 Acct. No.64 18,480 G2 55,808 May 31 Acct. No. 401 PR Debit Credit Balance 142,722 Rent Expense Date May 31 ervices Revenue PR Debit 62 G2 May 31 Summary Acct. No. 603 dsiayDbit Creit Baanc Acct. No. 981 iation Expense PR Desit creait balanceTncose Sumary 19,080 Hay 31 62 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 Complete this questions by entering your answers in the tabs below. Journal entry worksheet 2 Record the entry to close revenue accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit ervices revenue 142,722 Income summary 142,722 Record entry Clear entry View general journal Required 2 quired 1 Required 2 pare closing journal entries from above ledger accounts. View transaction list Journal entry worksheet Record the entry to close expense accounts Noter Enter debits before credits. DebitCredit General Journal 74.920 income summary 2 19,000 40,500 4,940 10,480 Depreciation expense Salaries expense Insurance expense Rent expense View general journal Clear entry Record entry Required 2 ired 1 Required2 are closing journal entries from above ledger accounts. w transaction list ournal entry worksheet 2 Record the entry to close income summary account. lote: Enter debits before credits. Credit General Journal 67,802 ncome summary 67,802 View general journal Clear entry Record entry Required 2> quired 1 Required 2 pare dosing journal entries from above ledger accounts. iew transaction list Journal entry worksheet 2 Record the entry to close the withdrawals account. Note: Enter debits before credits. DebitCredit General Journal Transaction 55,000 M Muncel, Capital 55,000 M. Muncel, Withdrawals View general journmal Clear entry Record entry Required 2>