Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts Exercise 4-8 closing entries P2 have normal balances) to prepare closing journal entries and then post those entries to the appropriate Preparing and posting ledger accounts. General Ledger M. Muncel, Capital Acct. No. 301 Salarles Expense Acct. No. 622 Date PR Debit Credit Balance Date PR Debit CreditBalance May 31 G2 May 31 G2 20.000 40,000 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 Acct. No. 401 Rent Expense Acct. No. 640 Services Revenue Date PR Deblt Credit Balance Date PR Debit Credit Balance 76,000 May 31 G 8,400 May 31 G2 Depreciation Expense Date May 31 62 Check M. Muncet, Capital Acct. No. 901 ending balancel S46.200 Acct. No. 603 Income Summary PR Debit Credit Balance 15,000 Date PR Debit Credit Balance