Exercise 4-8 preparing and posting closing entries lo p2 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. 2. post the entries from requirement 1 to the general ledger accounts below. use the transaction number from requirement 1 as the date.