McClelland Hardware Store's accounting records (partial) carried the following accounts at December 31, 2017:

For simplicity, all operating expenses have been summarized in the accounts Selling Expenses, and General and Administrative Expenses.
Required
1. Journalize all of this company's closing entries at December 31, 2017. The company uses the perpetual inventory system.
2. Set up T-accounts for the Income Summary account and the J. McClelland, Capital account. Post to these accounts and calculate their ending balances. One year earlier, at December 31, 2016, the Capital balance was $108,000.

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Accounts R Interest Revenue.... Accounts Payable Other Expens.6 Cost of Goods Sold....210,050 General and Administrative $39,500 Selling Expenses 400 Sales Revenue 990) I 64,500 Inventory. $ 87,750 510,100 12,000 220,500 168,000 Expenses 55,000