EXERCISE 4-Cloaing Entries (10 pts) s80.000 $15,000 $39.000 $144,000 $1.600 $2.300 J.W. Match Company had the following account balances at year-end Cost of goods sold Merchandise inventory Operating expenses Sales Revenue Sales discounts Sales retuns and allowances A physical count of inventory determines that merchandise inventory on hand at year end is $14,400. Instructions (a) Prepare the adjusting entry necessary as a result of the physical count (b) Prepare closing entries JW. HATCH General Journal Account Titles &Explanation Date Credit Ref Debit oSE-Mutple Step Income Stetement (15 pts) The adjusted trial balance of Omega Company March 31, 2017 contained the foing nomaon Credt s0000 Sales Sales Retums and Allowances Sales Discounts Cost of Goods Sold Freight-out Advertising Expense Interest Expense Store Salaries Expense USities Expense Depreciation Expense Interest Revenue Gain on Disposal of Equipment Instructions Debit $ 20000 7,000 386.000 2.000 15,000 18,000 55,000 28.000 7,000 30,000 15,000 Use the above information to prepare a mutiple-step income statement for the month ended March 31, 2017. Omega Company Maltiple-Step Income Statement For the Month Enled March 31, 2017