Cash $ 240,000 Common Stock Accounts Receivable 966,000 Inventory 1,690,000 Retained Earnings Dividends $ 500,000 2,949,100 100,000 Estimated Returns Inventory 22,500 Sales 11,343,000 Office Supplies 13,500 Cost of Goods Sold 7,850,000 Prepaid Insurance 8,000 Sales Salaries Expense 916,000 Office Equipment 830,000 Advertising Expense 550,000 Accumulated Depreciation- Depreciation Expense- Office Equipment 550,000 Store Equipment 140,000 Store Equipment 3,600,000 Miscellaneous Selling Expense 38,000 Accumulated Depreciation- Office Salaries Expense 650,000 Store Equipment 1,820,000 Rent Expense 94,000 Accounts Payable 321,000 Depreciation Expense- Salaries Payable 41,500 Office Equipment 50,000 Customer Refunds Payable 40,000 Insurance Expense 48,000 Estimated Coupons Payable 5,000 Office Supplies Expense 28,100 Note Payable Miscellaneous Administrative Exp. 14,500 (final payment due in 6 years) 300,000 Interest Expense 21,000 4. Journalize the closing entries as of May 31, 20Y2.