Subject: acounting Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).General LedgerM. Muncel, CapitalDateMay 31M. Muncel, WithdrawalsDateMay 31Services RevenueDateMay 31PRG2PRG2PRG2Depreciation ExpenseDateMay 31PRG2View transaction listAcct. No. 301Debit Credit Balance84,000Required 1 Required 2Acct. No. 302Debit Credit Balance52,000Acct. No. 401Debit Credit Balance148,008Acct. No. 603Debit Credit Balance17,000Prepare closing journal entries from above ledger accounts.Salaries ExpenseDateMay 31Journal entry worksheetInsurance Expense.DateMay 31Rent ExpenseComplete this questions by entering your answers in the tabs below.DateMay 31Income SummaryDatePRG2PRG2PRG2PR1. 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 thedate.Acct. No. 622Debit Credit Balance42,000Acct. No. 637Debit Credit Balance4,420Acct. No. 640Debit Credit Balance9,440Acct. No. 901Debit Credit Balance

The closing entries are prepared to close the temporary accounts of the business. The temporary…

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 Date May 31 M. Muncel, Withdrawals Date May 31 Services Revenue Date May 31 PR G2 PR G2 PR G2 Depreciation Expense Date May 31 PR G2 View transaction list Acct. No. 301 Debit Credit Balance 84,000 Required 1 Required 2 Acct. No. 302 Debit Credit Balance 52,000 Acct. No. 401 Debit Credit Balance 148,008 Acct. No. 603 Debit Credit Balance 17,000 Salaries Expense Date May 31 Prepare closing journal entries from above ledger accounts. Insurance Expense Date May 31 Rent Expense Date May 31 Complete this questions by entering your answers in the tabs below. Income Summary Date PR G2 PR G2 PR G2 PR Acct. No. 622 Debit Credit Balance 42,000 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. Acct. No. 637 Debit Credit Balance 4,420 Acct. No. 640 Debit Credit Balance 9,440 Acct. No. 901 Debit Credit Balance