Exercise 4-8 (Static) 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). Debit Debit PR G2 Debit Debit General Ledger Account Number 301 Salaries Expense Credit Balance Date 40,000 May 31 Account Number 302 Insurance Expense Credit Balance Date 22,000 May 31 Account Number 403 Rent Expense Credit Balance Date 76,000 Account Number 603 Income Summary Credit Balance Date 15,000 M. Muncel, Capital Dated PR May 31 G2 M. Muncel, Withdrawals Date PR May 31 G2 Services Revenue Date PR May 31 G2 Depreciation Expense Date PR May 31 G2 PR G2 Account Number 622 Credit Balance 20,000 Account Number 637 Credit Balance 4,400 Account Number 640 Credit Balance 8,400 Account Number 901 Credit Balance Debit Debit PR G2 May 31 Debit PR Debit (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. Complete this questions by entering your answers in the tabs below. Required A Required B Prepare closing journal entries from the above ledger accounts. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit A 1 76,000 Services revenue Income summary 76,000 B 2 47,800 Income summary Depreciation expense Salaries expense Insurance expense Rent expense 15,000 20.000 4,400 8,400 3 28,200 Income summary M. Muncel, Capital 28,200 D 4 22,000 M. Muncel, Capital M. Muncel, Withdrawals 22,000