PREPARE ALL CLOSING ENTRIES FOR THE FOLLOWING BUSINESS EITHER ABOVE THE INCOME STATEMENT PROVIDED OR BELOW SAME

Dress Right Clothing Corporation Income Statement For the Year Ended July 31, 2021 $ Sales Revenue Cost of Goods Sold Gross Profit 38,500 22.000 16,500 $ $ Operating Expenses: Salaries Expense Supplies Expense Rent Expense Depreciation Expense Total Operating Expenses 10,500 800 2,000 200 $ 13,500 $ 3,000 Net Operating Income Other Income (Expense): Rent Revenue Interest Expense $ 250 (333) $ (83) $ 2,917 Net Income Before Income Taxes Income Tax Expense $ 2.917 Net Income