Based on the data presented in Exercise 5-24, journalize the closing entries

Data from Exercise 5-24

On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture wholesaler, are as follows:

A.  Prepare a multiple-step income statement for the year ended March 31, 2018.
B.  Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.