HardwareStore's accounting records(partial) carried the following accounts at February 29, 2020:

Now close the income or loss to the capital account. Journal Entry Date Accounts Debit Credit i Accounts - X February Accounts Receivable . . . . . . .. $ 41,000 Selling Expenses . ............ $ 365,000 Interest Revenue 2,600 Sales Revenue. 2,160,000 Finally, let's close the withdrawals account. Accounts Payable 207,000 Interest Expense 22,000 Other Expense 78,000 Inventory 228,000 Journal Entry Cost of Goods Sold 850,000 General and Administrative Date Accounts Debit Credit J. Stiles, Withdrawals 172,000 Expenses 232,000 February Print Done Requirement 2. T-accounts for the Income Summary account and the J. Mccain, Capital account have been set up for you. Post to these accounts, and calculate their ending balances. One year earlier, at February 28, 2019, the Capital balance was $110,000. (If a box is not used in the T-accounts, leave the box empty; do not select a label or enter a zero.) Income Summary J. Mccain, CapitalMccain Hardware Store's accounting records (partial) carried the following accounts at February 29, 2020: i (Click the icon to view the financial data.) Required Note: For simplicity, all operating expenses have been summarized in the accounts Selling Expenses and General and Administrative Expenses. 1 Journalize all of this company's closing entries at February 29, 2020. The company uses the perpetual inventory system. 2. T-accounts for the Income Summary account and the J. Mccain, Capital account have been set up for you. Post to these accounts and calculate their ending balances. One year earlier, at February 28, 2019, the Capital balance was $110,000 Requirement 1. Journalize all of this company's closing entries at February 29, 2020. The company uses the perpetual inventory system. First close the revenue accounts. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts - X Date Accounts Debit Credit i February Accounts Receivable . ...... . $ 41,000 Selling Expenses .. ...... $ 365,000 Interest Revenue 2,600 Sales Revenue. 2,160,000 Accounts Payable . . ... 207,000 Interest Expense . . . .. 22,000 Next close the expense accounts. Other Expense 78,000 Inventory 228,000 Cost of Goods Sold 850,000 General and Administrative Journal Entry J. Stiles, Withdrawals 172,000 Expenses . . . . . 232,000 Date Accounts Debit Credit February Print Done