AS SOON AS POSSIBLE

Question 2 [35 points] Star Inc. began operations several years ago. Star Inc.'s closing entries at May 31, 2014 are shown below. Use this information to prepare a classified multi-step income statement for the year ending May 31, 2014. F Page Gj1 Debit Credit 167,500 299,000 466,500 (select one) Income Statement (select one) GE X X X X X EE TTTTT + 571,000 General Journal Date Account/Explanation 31/May Rent Earned Sales Income Summary Close temporary credit balance accounts 31/May Income Summary Advertising Expense Cost Of Goods Sold Depreciation Expense, Office Furniture Depreciation Expense, Store Equipment Insurance Expense Interest Expense Office Salaries Expense Rent expense, office space Rent expense, selling space Sales Discounts Sales Returns and Allowances Sales Salaries Expense Close temporary debit balance accounts 31/May Retained Earnings Income Summary Close income summary 31/May Retained Earnings Dividends Close dividends 70,500 47,500 17,500 18,500 20,000 11,000 140,000 91,000 69,000 16,500 12,000 57,500 104,500 104,500 16,500 16,500