Cash $300,000 Accounts Receivable 8,925,000 5,620,000 850,000 420,000 33,000 $92,000 Gerri Faber, Drawing 450,000 Sales 370,000 Cst of Merchandise Sold 5,000 Sales Salaries Expense 10,000 Advertising Expense 12,000 Depreciation Expense-Store Equipment 220,000 Miscellaneous Selling Expense 58,000 Office Salaries Expense 650,000 Rent Expense 87,500 Insurance Expense 38,500 Depreciation Expense-Office Equipment 10,000 Office Supplies Expense 4,000 Miscellaneous Administrative Exp. 140,000 Interest Expense Merchandise Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation - Office Equipment Store Equipment Accumulated Depreciation--Store Equipment Accounts Payable Customer Refunds Payable Salaries Payable Note Payable (final payment due 2032) 18,000 540,000 48,000 24,000 10,000 4,000 6,000 12,000 Gerri Faber, Capital 431,000 Required: 1. Prepare a single-step income statement in the format shown in Exhibit 12. Single-Step Income Statement 1 $ 2 Expenses: 3 3 $ 4 HII 5 6 7 Total expenses 00 2. Prepare closing entries as of June 30, 2019 in the order as presented in the chapter. For a compound transaction, if an amount box does not require an entry, leave it blank. Closing Entries Date Account Debit Credit June 1 30, 2019 2 3 5 6 7 8 9 10 11 2.ceng grow.com CesgapeNOW.2 TOM Book Printem 3 4 5 6 9 10 11 12 14 June 15 30 2019 16 Prenou Check My Work Save and Et Subm. Astment for MacBook Air 06 A $ 4 % 5 & 7 6 8 9 0 R. T Y I 0