McClelland Hardware Store's accounting records (partial) carried the following accounts at August 31, 2023: (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. 2. Journalize all of this company's closing entries at August 31, 2023. The company uses the perpetual inventory system. T-accounts for the Income Summary account and the J. McClelland, Capital account have been set up for you. Post to these accounts, and calculate their ending balances. One year earlier, at August 31, 2022, the Capital balance was $118,000. Requirement 1. Journalize all of this company's closing entries at August 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 August Journal Entry Accounts Debit Credit Accounts Accounts Receivable Interest Revenue Accounts Payable.. Other Expense 41,000 Selling Expenses. $ 365,000 2,600 Sales Revenue.. 2,060,000 201,000 Interest Expense 12,000 70,000 Inventory.... 224,000 Cost of Goods Sold 842,000 General and Administrative J. McClelland, Withdrawals 180,000 Expenses 222,000