Preparing and posting closing entries P2 Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances) to (a) prepare closing journal entries and (b) post those entries to ledger accounts. M.Muncel, Capital Date May 31 G2 M.Muncel, Withdrawals Date Acct. No. 301 PR Debit Credit Balance PR Debit May 31 G2 Services Revenue Date PR Debit May 31 G2 Depreciation Expense Date PR Debit May 31 G2 General Ledger Salaries Expense Date 40.000 Acct. No. 302 Credit Balance 22,000 Acct. No. 403 Credit Balance Credit 76,000 Acct. No. 603 Balance 15.000 0 Acct. No. 622 PR Debit Credit Balance May 31 G2 Insurance Expense Date PR Debit G2 May 31 Rent Expense Date PR Debit May 31 G2 Income Summary Date PR Debit 20,000 Acct. No. 637 Credit Balance 4,400 Acct. No. 640 Balance 8,400 Acct. No. 901 Credit Balance Credit 46 47 Exercise 4-8 48 a. Closing entries 49 Entry # Account Name 50 1 Service revenue 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 Income summary Close revenue account. 2 Income summary Depreciation expense Salaries expense Insurance expense Rent expense Close expense accounts. 3 Income summary M.Muncel Capital Close income summary. 4 M.Muncel Capital M.Muncel Withdrawals Close withdrawals account. PR Debit 76,000 47,800 28,200 22,000 Credit 76,000 15,000 20,000 4,400 8,400 28,200 22,000