Jackson Auto Glass's accounting records carried the following accounts at January 31,2008.

Requirements 

1. Journalize all of Jackson's closing entries at January 31, 2008. Use a Jackson, Capital account.

2. Set up T-accounts for Income Summary and the Jackson, Capital account. Post to these accounts and take their ending balances. One year earlier, at January 31, 2007, the Jackson, Capital balance was $8,740.

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Inventory $ 5,500 Selling expense $ 6,800 Interest revenue 40 Sales revenue Accounts payable 2,000 Interest expense 38,400 30 Cost of goods sold 27,000 Accounts receivable 600 Other expense Jackson, withdrawals. 1,600 General and administrative 300 expense 700