Taylor department store uses periodic inventory system. The adjusted trial balance of Taylor department store at December 31, 2018 follows;

1. Prepare Taylor Department Store's multi-step income statement for the year ended December 31, 2018. Assume ending Merchandise Inventory is $36,600. 2. Journalize Taylor Department Store's closing entries. Print [Done] Taylor Department Store Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash 8,600 Accounts Receivable Merchandise Inventory (beginning) Office Supplies 84,700 37,500 300 89,000 Furniture Accumulated Depreciation Furniture Accounts Payable Salaries Payable 18,000 28,600 2,200 14,000 30,000 40,000 Unearned Revenue Notes Payable, long-term Common Stock Print Done 28,600 2,200 14,000 30,000 40,000 29,000 90,500 Accounts Payable Salaries Payable Unearned Revenue Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Purchases Purchase Returns and Allowances Purchase Discounts Freight In Selling Expense Administrative Expense 395,000 291,000 111,000 6,500 600 42,500 26,200 3,400 Interest Expense 674,300 $ 674,300 Total Print Done