Debit

Credit

   Sales

600,000

   Cost of goods sold (Cost of sales)

372,000

   Rent expense

31,200

   Salaries expense

40,800

   Supplies expense

25,200

   Insurance expense

13,800

   Depreciation expense

12,600

   Advertising expense

14,400

   Interest income

30,000

   Interest expense

24,000

   Income taxes expense

28,800

        Average number of common shares outstanding = 100,000 shares