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

1. Prepare closing journal entries from the above ledger accounts.

-Record the entry to close revenue accounts.

-Record the entry to close expense accounts.

-Record the entry to close income summary account.

-Record the entry to close the withdrawals account.

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			40,000		May 31			20,000
302: M. Muncel, Withdrawals					637: Insurance Expense
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
May 31			22,000		May 31			4,400
401: Services Revenue					640: Rent Expense
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
May 31			76,000		May 31			8,400
603: Depreciation Expense					901: Income Summary
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
May 31			15,000