Selected accounts for Krusty Company, a merchandiser, on December 31, 2020 are presented below.

(A):

Use only the accounts necessary to prepare the Multiple Step Income Statementin the proper, 3-column format with a three-line heading. The adjusting entries have already been made and all accounts have normal balances. Remember to set up your 3-columns first

Office Salary Expense.$ 81,000

Interest Revenue......11,000

Cost of Goods Sold..................................688,750

Sales..........................................................941,500

Sales Salary Expense..95,000

Store Supply Expense 16,500

Office Supply Expense.....9,050

Interest Expense.. 9,750

Dividends.......... 12,750

(B):

Using the data from (A), above, prepare in general journal form, the entries necessary to close the accounts of Krusty Company on December 31, 2020. [four (or two) entries in all, depending on closing method used.]