Completing the Accounting Cycle

$1.$ Use the May $31$ fiscal year$-$end information from the following ledger accounts $($assume that all accounts have normal balances$)$ to prepare closing journal entries and then post those entries to ledger accounts.

Hint: There are $4$ steps in the closeout process.

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$2.$ Use the following adjusted year$-$end trial balance at December $31$ of Wilson Trucking Company to prepare the $(1)$ income statement and $(2)$ statement of owner$$s equity, for the year ended December $31.$ The K$.$ Wilson, Capital, account balance was $$155,000$ at December $31$ of the prior year.