Line #1 options are: Income summary, Sales, Cash, Sales Returns and Allowances, or Sales Discounts

Line #14 options are: Cost of Merchandise Sold, Gerri Faber Capital, Gerri Faber Drawing, Merchandise Inventory, or Sales

Single-Step Income Statement Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2019, are shown below. Cash Accounts Receivable $92,000 Gerri Faber, Drawing 450,000 Sales 370,000 Cost of Merchandise Sold 5,000 Sales Salaries Expense 10,000 Advertising Expense $300,000 8,925,000 5,620,000 Merchandise Inventory Estimated Returns Inventory 850,000 420,000 Office Supplies 33,000 Prepaid Insurance Office Equipment Accumulated Depreciation - Office Equipment Store Equipment 12,000 Depreciation Expense-Store Equipment 220,000 Miscellaneous Selling Expense 58,000 Office Salaries Expense 650,000 Rent Expense 87,500 Insurance Expense 18,000 540,000 48,000 Accumulated Depreciation-Store Equipment 24,000 Accounts Payable 10,000 Customer Refunds Payable 4,000 Salaries Payable Note Payable (final payment due 2032) Gerri Faber, Capital 38,500 Depreciation Expense-Office Equipment 10,000 Office Supplies Expense 4,000 Miscellaneous Administrative Exp. 140,000 Interest Expense 431,000 6,000 12,000 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 30, 2019 Income Summary X 9,175,000 x Cost of Merchandise Sold 5,620,000 850,000 Sales Salaries Expense Advertising Expense 420,000 Depreciation Expense-Store Equipment 33,000 Miscellaneous Selling Expense 18,000 Office Salaries Expense 540,000 Rent Expense 48,000 Insurance Expense 24,000 Depreciation Expense-Office Equipment 10,000 4,000 Office Supplies Expense Miscellaneous Administrative Expense 6,000 Interest Expense 12,000 Cost of Merchandise Sold X 5,620,000 June 15 30, 2019 Gerri Faber, Capital 300,000 16 Gerri Faber, Drawing 300,000