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 Salaries Expense PR Debit Credit Balance Date PR May 31 G2 40,000 May 311 G2 Acct. No. 622 Debit Credit Balance 20,000 M. Muncel, Withdrawals Date PR May 31 G2 Acct. No. 302 Debit Credit Balance 22,000 Insurance Expense Date PR Acct. No. 637 Debit Credit Balance May 31 G2 4,400 Services Revenue Date PR Acct. No. 401 Debit Credit Balance Rent Expense Acct. No. 640 Date PR Debit Credit Balance May 31 G2 76,000 May 31 G2 8,400 Depreciation Expense Date May 31 PR G2 Acct. No. 603 Debit Credit Balance 15,000 Income Summary Acct. No. 901 Date PR Debit Credit Balance 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 date.