On December 31, 2015, the balances of the accounts appearing in the ledger of Triple Creek Company are as follows:

Instructions
1. Does Triple Creek Company use a periodic or perpetual inventory system? Explain.
2. Prepare a multiple-step income statement for Triple Creek Company for the year ended December 31, 2015. The inventory as at December 31, 2015, was $94,100.
3. Prepare the closing entries for Triple Creek Company as at December 31, 2015.

Transcribed Image Text:

S 18,300 Sales Discounts Cash Accounts Receivable Inventory $ 9,300 536,500 6,000 4.500 10,900 156,250 55,000 9,000 72,000 Purchases January 1, 2015 Office Supplies Prepaid Insurance Store Equipment Accumulated Depreciation- Purchases Returns and Allowances Purchases Discounts Freight In Sales Salaries Expense 87,700 3,000 4,500 170,000 Advertising Expense Delivery Expense Store Equipment Office Equipment Accumulated Depreciation- 55,900 Depreciation Expense- 78,500 Office Equipment Land Accounts Payable Salaries Payable Store Equipment Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense 5,900 10,700 100,000 31,250 3,000 2,300 16,250 35,000 27,800 3,000 Office Supplies Expense Unearned Rent Notes Payable Shawn Hayes, Capita Shawn Hayes, Withdrawals Sales Sales Returns and Allowances 8,300 Depreciation Expense- 12,500 18,750 Rent Revenue 10,000 Office Equipment Miscellaneous Administrative Expense 1,500 5,850 6,250 750 189,050 1,106,400 Interest Expense