(L. OBJ. 4) Making closing entries [15-20 min] Brown Sheet Metal’s accounting records c...

(L. OBJ. 4) Making closing entries [15-20 min]

Brown Sheet Metal’s accounting records carried the following selected accounts at May 31, 2012:

Requirements

1. Journalize the closing entries at May 31, 2012,

2. Set up T-accounts for Income summary and Brown, Capital. Post the dosing entries to the T-accounts and calculate their ending balances.