Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balonces). M. Muncel, Capital Date PR May 31 G2 M. Muncel, Withdrawals Date PR May 31 G2 General Ledger Acct. No. 301 Salaries Expense Credit Balance Date PR 77,800 May 31 G2 Debit Acct. No. 622 Debit Credit Balance 38,500 Insurance Expense Dato PR May 31 Acct. No. 302 Debit Credit Balance 16700 Acct. No. 401 Debit Credit Balance 135,674 Acct. No. 637 Debit Credit Balance 5,200 Services Revenue Date PR May 31 62 Depreciation Expense Date PR May 31 Rent Expense Date May 31 Acct. No. 640 Debit Credit Balance 11,000 G2 Acct. No. 603 Debit Credit Balance 20,800 Incone Summary Date PR Acct. No.901 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 as the date. Post the entries from Requirement 1 to the General Ledger accounts below. Use the transaction number from Requirement 1 as the date. 301. M. Muncel Capital 622: Salaries Expense Date Debit Credit Balance Date Debit Credit Balance May 31 77,000 May 31 38,500 0 0 0 0 Date 302: M. Muncel, Withdrawals Debit Credit 637: Insurance Expense Debit Credit May 31 Balance 46,000 0 Date May 31 Balance 5,200 0 0 0 401 Services Revenue Debit Credit Date May 31 640: Rent Expense Debit Credit Balance 135,674 0 Date May 31 Balance 11.000 0 401: Services Revenue Debit Credit Date May 31 Balance 640: Rent Expense Debit Credit 135,674 0 Date May 31 Balance 11,000 0 0 0 603: Depreciation Expense Debit Credit Date May 31 901: Income Summary Debit Credit Date Balance Balance 20.000 0 0