Question
Instructions The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2
Instructions The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2 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 2,949,100 100,000 11,343,000 Cost of goods sold 7,850,000 Sales salaries expense 916,000 Advertising expense 550,000 Depreciation expense-store equioment 140.000
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