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 Account Number 301 Salaries Expense Account Number 622
Dated PR Debit Credit Balance Date PR Debit Credit Balance
May 31 G2 40,000 May 31 G2 20,000
M. Muncel, Withdrawals Account Number 302 Insurance Expense Account Number 637
Date PR Debit Credit Balance Date PR Debit Credit Balance
May 31 G2 22,000 May 31 G2 4,400
Services Revenue Account Number 403 Rent Expense Account Number 640
Date PR Debit Credit Balance Date PR Debit Credit Balance
May 31 G2 76,000 May 31 G2 8,400
Depreciation Expense Account Number 603 Income Summary Account Number 901
Date PR Debit Credit Balance Date PR Debit Credit Balance
May 31 G2 15,000
(a) Prepare closing journal entries from the above ledger accounts.

(b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date.