QuizServlet?ccid=11209 Question 2 [35 points] Southgate Inc. began operations several years ago. Southgate Inc.'s closing entries at September 30, 2014 are shown below. Use this information to prepare a classified multi-step income statement for the year ending September 30, 2014. F Page Gj1 Debit Credit 207,500 301,500 509,000 (select one) Income Statement (select one) General Journal Date Account/Explanation 30/Sep Rent Earned Sales Income Summary Close temporary credit balance accounts 30/Sep Income Summary Cost Of Goods Sold Depreciation Expense, Office Fixtures Depreciation Expense, Store Furniture Insurance Expense Interest Expense Office Salaries Expense Office Supplies Expense Sales Discounts Sales Returns and Allowances Sales Salaries Expense Store Supplies Expense Close temporary debit balance accounts 531,500 102,500 10,500 7,000 32,000 - 32,500 110,000 42,000 16,500 17,500 87,500 73,500 22,500 22,500 30/Sep Retained Earnings Income Summary Close income summary 30/Sep Retained Earnings Dividends Close dividends 37,000 37,000