Prepare the income statement for the month.

Prepare the closing entries for the year ending August 31,2021.

Account Balances August 31, 2021 Retained earnings Interest payable Interest expense Dividends Depreciation expense Accumulated depreciation Supplies inventory Supplies expense Utilities expense Salaries payable Accounts payable Prepaid rent Salaries expense Inventory Deferred revenue Rent expense Accounts receivable Cash COGS Notes payable Equipment Common stock Sales revenue 0 700 700 1,200 1,500 1,500 3,000 4,000 7,000 8,000 11,000 15,000 17,000 29,800 27,000 30,000 45,000 46,000 68,000 70,000 85,000 105,000 110,000 130,000