Income Statement Accounts December 31, 20X1 Sales Sales Returns and Allowances Purchases Purchase Returns and Allowance Advertising Sales Salaries Commission Expense Miscellaneous Selling Expense Rent Expense Office Supplies Light and Water Insurance Expense Taxes and Licenses Interest Expense Bad Debts Expense Merchandise Inventory, Jan 1, 20X1 Depreciation Expense - Furn. & Equip. Merchandise Inventory, Dec. 31, 20X1 Fill in the blanks. 1. Net Sales 2. Net Purchases 3. Cost of Goods Sold 4. Gross Profit Dr P 5,000 220,000 10,000 30,000 15,000 3,000 15,000 20,000 2,000 1,000 5,000 4,000 20,000 57,000 10,000 Cr P 475,000 3,000 60,000 5. Selling and Administrative Expenses 6. Net Income 7. Reporting Period