Masterson Hardware Store's accounting records (partial) carried the following accounts at July 31, 2023: (Click the icon to view the fi financial Required al data.) Note: For simplicity, all operating expenses have been summarized in the accounts Selling Expenses and General and Administrative Expenses. 1. 2. Journalize all of this company's closing entries at July 31, 2023. The company uses the perpetual inventory system. T-accounts for the Income Summary account and the J. Masterson, Capital account have been set up for you. Post to these accounts, and calculate their ending balances. One year earlier, at July 31, 2022, the Capital balance was $126,000. Requirement 1. Journalize all of this company's closing entries at July 31, 2023. The company uses the perpetual inventory system. First, close the revenue accounts. (Record debits first, then credits. Exclude explanations from journal entries.) Date July Journal Entry Accounts Debit Credit Accounts Accounts Receivable $ 45,000 Selling Expenses 367,000 Interest Revenue 1,400 Sales Revenue.. 2,080,000 Accounts Payable... 211,000 Interest Expense 14,000 Other Expense 82,000 Inventory.... 224,000 Cost of Goods Sold 848,000 General and Administrative J. Masterson, Withdrawals 184,000 Expenses 232,000