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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 Acct.

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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 Acct. No. 301 Salaries Expense Date May 31 PR Debit Credit Balance G2 Date May 31 Acct. No. 622 PR Debit Credit Balance 46,500 93,000 G2 M. Muncel, wWithdrawals Acct. No. 302 Insurance Expense Acct. No. 637 Date May 31 PR Debit Credit Balance G2 Date May 31 PR Debit Credit Balance G2 63,000 4,160 Services Revenue Date May 31 Acct. No. 401 PR Debit Credit Balance Rent Expense Date May 31 Acct. No. 640 PRDebit Credit Balance 8,920 G2 163,866 G2 Acct. No. 603 PR Debit Credit Balance 16,000 Acct. No. 981 PR Debit Credit Balance Depreciation Expense Income Summary Date May 31 Date G2 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 es Complete this questions by entering your answers in the tabs below Required 1 Required 2

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