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			77,000			May 31	G2			38,500
M. Muncel, Withdrawals			Acct. No. 302				Insurance Expense			Acct. No. 637
Date	PR	Debit	Credit	Balance			Date	PR	Debit	Credit	Balance
May 31	G2			47,000			May 31	G2			4,420
Services Revenue			Acct. No. 401				Rent Expense			Acct. No. 640
Date	PR	Debit	Credit	Balance			Date	PR	Debit	Credit	Balance
May 31	G2			135,674			May 31	G2			9,440
Depreciation Expense			Acct. No. 603				Income Summary			Acct. No. 901
Date	PR	Debit	Credit	Balance			Date	PR	Debit	Credit	Balance
May 31	G2			17,000

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.