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Instructions Showcase Co, a hurriture wholesaler, sella merchandise to Balboa Co, on account 5254,500, termas 1/30. The cont sit the goods sold is $152,700 Showcasesses a crede memo for $30,000 for merchandise returned prior to Balboa paying the original invoice. The cost of the merchandise returned is $17.500 Journale Baboo Coentries for (a) the purchase, (b) the return of the merchandise for credit and (c) the payment of the invoice. Refer to the Chart of Accounts for exact wording of account Bitles Journal Joumalze Baiboa Co's entries for (a) the purchase (b) the return of the merchandise for credit, and (c) the payment of the voice. For grading purposes, use December 31 as the date for all transactions Refer to the Chart of Accounts for exact wording of account titles How.soe.seading more? E 10 JOURNAL Score: 31/76 ACCOUNTING EQUATION DATE DESTIC POST CREDI ASSETS LLULITIS COUNTY 1 DI 254.500.00 254,500.00 Inventory Instructions On March 31, 2099, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable Accumulated Depreciation-Building Administrative Expenses Building Cash $163,800 740 900 526,350 2,507 600 186,150 Common Stock 304,450 3,852 200 184,450 10,200 1,022,600 238,600 Cost of Goods Sold Dividends Interest Expense Inventory Notes Payable Office Supplies Retained Earings Salaries Payable Sales Selling Expenses Store Supplies 19,050 1,267 250 7,700 6,264,600 735,850 86,750 A Prepare a multiple-step income statement for the fiscal year ended March 31, 2019 Be sure to complete the statement heading Refer to the information given in the exercise and to the list of Label and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon () will automaticwly appear if it is required. For those boxes in which you must exister subtracted or negative numbers use a minus sign Royal Furnishings Company Income Statement Label 1 1 1 bol 5 1 Label 11 B. What is a major advantage of the multiple-step income statement over the single-step income statement? The multiple-step income statement is less complex to prepare. The multiple-step income statement clearly presents the value of total revenues The multiple-step income statement shows the relationship of gross profit to sales. The multiple-step income statement clearly presents the value of total expenses