The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018:

Cash	$ 240,000
Accounts receivable	966,000
Inventory	1,690,000
Estimated returns inventory	22,500
Office supplies	13,500
Prepaid insurance	8,000
Office equipment	830,000
Accumulated depreciation-office equipment	550,000
Store equipment	3,600,000
Accumulated depreciation-store equipment	1,820,000
Accounts payable	326,000
Customer refunds payable	40,000
Salaries payable	41,500
Note payable (final payment due 2024)	300,000
Common stock	500,000
Retained earnings	2,949,100
Dividends	100,000
Sales	11,343,000
Cost of goods sold	7,850,000
Sales salaries expense	916,000
Advertising expense	550,000
Depreciation expense-store equipment	140,000
Miscellaneous selling expense	38,000
Office salaries expense	650,000
Rent expense	94,000
Depreciation expense-office equipment	50,000
Insurance expense	48,000
Office supplies expense	28,100
Miscellaneous administrative expense	14,500
Interest expense	21,000

Prepare closing entries as of May 31, 2018. Refer to the Chart of Accounts for exact wording of account titles. Recall that closing entries involve all temporary accounts. No permanent accounts from the balance sheet are closed. Contra accounts, like Accumulated Depreciation-Office Equipment are treated like the account to which it is related (Office Equipment), with an opposite debit/credit effect in the closing process.Close the Revenue account to Income Summary. Next close all expense accounts and contra revenue accounts to Income Summary. Close Income Summary to the Retained Earnings account. Finally, close the Dividends account to the Retained Earnings account. There are 20 lines in the journal, with line one being the description "closing entries" with no debit or credit amounts. I have included the income statement and retained earnings statement below for reference, in addition to the chart of accounts.

CHART OF ACCOUNTS

Clairemont Co.

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
125	Notes Receivable
130	Inventory
131	Estimated Returns Inventory
140	Office Supplies
141	Store Supplies
142	Prepaid Insurance
180	Land
192	Store Equipment
193	Accumulated Depreciation-Store Equipment
194	Office Equipment
195	Accumulated Depreciation-Office Equipment

	LIABILITIES
210	Accounts Payable
216	Salaries Payable
217	Note Payable (current portion)
218	Note Payable (final payment due 2024)
219	Sales Tax Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends
313	Income Summary

	REVENUE
410	Sales

	EXPENSES
510	Cost of Goods Sold
521	Delivery Expense
522	Advertising Expense
524	Depreciation Expense-Store Equipment
525	Depreciation Expense-Office Equipment
526	Sales Salaries Expense
527	Office Salaries Expense
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

1 Sales 2 Expenses 3 Selling expenses 4 Administrative expenses Interest expense 6 Cost of goods sold 7 Total expenses 8 Net income Clairemont Co. Income Statement For the Year Ended May 31, 2018 $1.64 4000.00 884,600.00 21,000.00 7,850,000.00 Score: 68/68 $11,343,000.00 10,399,600.00 $943,400.00