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			Acct. No. 622
Date	PR	Debit	Credit	Balance			Date	PR	Debit	Credit	Balance
May 31	G2			88,000			May 31	G2			44,000
M. Muncel, Withdrawals			Acct. No. 302				Insurance Expense			Acct. No. 637
Date	PR	Debit	Credit	Balance			Date	PR	Debit	Credit	Balance
May 31	G2			63,000			May 31	G2			5,460
Services Revenue			Acct. No. 401				Rent Expense			Acct. No. 640
Date	PR	Debit	Credit	Balance			Date	PR	Debit	Credit	Balance
May 31	G2			155,056			May 31	G2			11,520
Depreciation Expense			Acct. No. 603				Income Summary			Acct. No. 901
Date	PR	Debit	Credit	Balance			Date	PR	Debit	Credit	Balance
May 31	G2			21,000

Prepare closing journal entries from the above ledger accounts.

Post the above entries to their respective ledger accounts in the order entered under Part 1.