Carlos Huertas Rivera

1. Single Step Income Statement

Clairemont Co.
Income Statement
For the year ended May 31,2019
Revenue: $ $
Sales 11,343,000
Expenses:
Cost of Merchandise Sold 7,850,000
Sales salaries expense 916,000
Advertising Expense 550,000
Depreciation Expense:
Store Equipment 140,000
Office Equipment 50,000
Office Salaries Expense 650,000
Rent Expense 94,000
Insurance Expense 48,000
Interest Expense 21,000
Miscellaneous Selling Expense 38,000
Miscellaneous Administrative 14,500
Expense
Office Supplies Expense 28,100
Total Expense 10,399,600
Net Income 943,400

2. Closing Entries
Date Account Title Debit Credit

May Sales 11,343,000

31,2019

Income Summary 11,343,000

(To Close Revenue

accounts)
May Income Summary 10,399,600
31,2019
Cost of Merchandise 7,850,000
Sold
Sales Salaries Expense 916,000

Advertising Expense 550,000

Office Salaries Expense 650,000

Rent Expense 94,000

Insurance Expense 48,000

Interest Expense 21,000

Miscellaneous Selling 38,000

Expense
Miscellaneous 14,500
Administrative Expense
Office Supply Expense 28,100

Depreciation Expense- 140,000

Store Equipment
Depreciation Expense- 50,000
Office Equipment
(To Close Expense
Account)
May Income Summary 943,400
31,2019
Retained Earnings 943,400
(To Transfer Net Income)