Howe Audio Equipment, Inc.€™s, accounting records carried the following selected accounts at April 30, 2012:

Requirements
1. Journalize the closing entries at April 30, 2012.
2. Set up T-accounts for Income summary and Retained earnings. Post the closing entries to the T-accounts and calculate their endingbalances.

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$ 5,900 Selling expense $ 7,300 38,400 Inventory Interest revenue Accounts payable Cost of goods sold Other expense Dividends 40 Sales revenue 1,000 Interest expense 26,900 Accounts receivable 1,700 General and administrative expense 300 Retained earnings 30 600 900 8,730