Making closing entries [15-20 min]Howe Audio Equipment, Inc.’s, accounting records carried...

Making closing entries [15-20 min]

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.

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2. Set up T-accounts for Income summary and Retained earnings. Post the closing entries to the T-accounts and calculate their ending balances.