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

Requirements
1. Prepare Trudel Department Store’s multi-step income statement for the year ended December 31, 2024. Assume ending Merchandise Inventory is $36,200.
2. Journalize Trudel Department Store’s closing entries.
3. Prepare a post-closing trial balance as of December 31, 2024.

Transcribed Image Text:

TRUDEL 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 Trudel, Capital Trudel, Withdrawals Sales Revenue Purchases Purchase Returns and Allowances Purchase Discounts Freight In Selling Expense Administrative Expense Interest Expense Total Balance Debit $ 8,100 84,900 37,000 800 85,000 90,500 292,000 400 41,800 26,000 3,500 $ 670,000 Credit $ 18,400 28,900 2,400 14,800 35,000 58,900 395,000 110,000 6,600 $ 670,000