Prepare an income stayement and journal for the following

Instructions The following selected accounts and their current balances appear in the ledger of Clairemont co. for the fiscal year ended May 31, 2019: Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Store Equiprnent Accumulated DepreciationStore Equipment Accounts Payable Customer Refunds Payable Salaries P ayable Note Payable (final payment due 2022) Kristina Marble, Capital Kristina Marble, Drawing Sales Cost Ot Merchandise Sold Sales Salaries Expense Expense Depreciation Expense-Store Equipment Miscellaneous Selling Expense Office Salaries Expense Rent Expense Depreciation Expense-Office Equipment Insurance Expense Office Supplies Expense Miscellaneous Administrative Expense Interest Expense Required: S 240,000 966, cm 22,500 13,500 550,000 1820,000 41,500 300.000 100.000 11 7,850.000 916,000 550,000 140,000 38.000 650,000 50,000 48,000 28,100 14,500 21,000 Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Year Ended May 31 , 2019 Long-term liabilities May 31, 2019 Property, plant, and equipment Administrative expenses Increase in owner's equity Kristina Marble, capital, June I , 2018 Kristina Marble, capital, May 31 , 2019 Less Withdrawals Net income Net income for the year Net loss Selling expenses Total assets Total expenses Total current assets Total current liabilities Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Income Statement prepare a single-step income statement. Combine selling expenses together in a single entry and combine administrative expenses together in a single entry. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A cojon will automatically appear if it is required. 1. Prepare a single-step income statement Combine selling expenses together in a single entry and combine administrative expenses together in a single entry. 2. Prepare closing entries as of May 31, 2019. Refer to the Chart of Accounts for exact wording of account titles. Be sure to complete the statement headings. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (9 will automatically appear if it is required hart of Accounts CHART OF ACCOUNTS Clairemont Company General Ledger Clairemont Company Income Statement (Label) (Label) JOURNAL Closing Entries 110 120 125 130 131 140 141 142 180 192 193 194 195 210 216 218 219 310 311 312 ASSETS Cash Accounts Receivable Notes Receivable Merchandise Inventory Estimated Returns Inventory Office Supplies Store Supplies Prepaid Insurance Land Store Equipment Accumulated Depreciation-Store Equipment Office Equipment Depreciation-Office Equipment LIABILITIES Accounts Payable Salaries Payable Note Payable Sales Tax payable EQUITY Kristina Marble, Capita Kristina Marble, Drawing Income Summary REVENUE 410 Sales EXPENSES 510 Cost Of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Sales Salaries Expense Office Salanes Expense 527 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 540 Miscellaneous Selling Expense 541 Miscellaneous Administrative Expense 710 Interest Expense ACCOUNTING EQUATION court