Instructions The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2012: Cash $240,000 Accounts receivable 966,000 Inventory 1,690,000 Estimated returns inventory 22,500 Office supplies 13,500 Prepaid insurance 8,000 Office equipment 830,000 Accumulated depreciation-office equipment 550,000 Store equipment 3,600,000 Accumulated depreciation-store equipment 1,820,000 Accounts payable 321,000 Salaries payable 41,500 Customer refunds payable 40,000 Estimated coupons payable 5,000 Note payable (final payment due in 6 years) 300,000 Common stock 500,000 Retained earnings Dividends Sales Cost of goods sold Sales salaries expense 2,949,100 100,000 11,343,000 7,850,000 916,000