Travis Department Store uses a periodic inventory system. The adjusted trial balance of Travis Department Store at December 31, 2024, follows:

Requirements
1. Prepare Travis Department Store’s multi-step income statement for the year ended December 31, 2024. Assume ending Merchandise Inventory is $36,500.
2. Journalize Travis Department Store’s closing entries.
3. Prepare a post-closing trial balance as of December 31, 2024.

Transcribed Image Text:

TRAVIS DEPARTMENT STORE Adjusted Trial Balance December 31, 2024 Account Title Cash Accounts Receivable Merchandise Inventory (beginning) Office Supplies Furniture Accumulated Depreciation Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable, long-term Travis, Capital Travis, Withdrawals Sales Revenue Purchases Purchase Returns and Allowances Purchase Discounts Freight In Selling Expense Administrative Expense Interest Expense Total Balance Debit $ 7,900 85,200 37,700 600 89,000 88,900 297,000 600 42,600 26,400 3,100 $ 679,000 Credit $ 19,300 28,900 3,600 14,600 39,000 65,400 390,000 112,000 6,200 $ 679,000