The following were selected from among the transactions completed by Harrison Company during November of the current year:

Nov.	3	Purchased merchandise on account from Moonlight Co., list price $89,000, trade discount 30%, terms FOB destination, 2/10, n/30.
	4	Sold merchandise for cash, $38,210. The cost of the merchandise sold was $20,810.
	5	Purchased merchandise on account from Papoose Creek Co., $51,550, terms FOB shipping point, 2/10, n/30, with prepaid freight of $730 added to the invoice.
	6	Returned $14,000 ($20,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co.
	8	Sold merchandise on account to Quinn Co., $15,010 with terms n/15. The cost of the merchandise sold was $10,190.
	13	Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
	14	Sold merchandise on VISA, $231,570. The cost of the merchandise sold was $142,060.
	15	Paid Papoose Creek Co. on account for purchase of November 5.
	23	Received cash on account from sale of November 8 to Quinn Co.
	24	Sold merchandise on account to Rabel Co., $54,800, terms 1/10, n/30. The cost of the merchandise sold was $33,850.
	28	Paid VISA service fee of $3,580.
	30	Paid Quinn Co. a cash refund of $1,730 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise.

Required:

Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows:

Accumulated Depreciation-Building	$740,900
Administrative Expenses	526,350
Building	2,507,600
Cash	180,350
Cost of Merchandise Sold	3,941,800
Interest Expense	10,500
Kathy Melman, Capital	1,611,350
Kathy Melman, Drawing	170,000
Merchandise Inventory	971,350
Notes Payable	250,200
Office Supplies	20,950
Salaries Payable	7,850
Sales	6,663,950
Selling Expenses	741,050
Store Supplies	93,000

	Required:
a.	Prepare a multiple-step income statement for the year ended March 31, 20Y4. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. A colon (:) will automatically appear if it is required.
b.	What is a major advantage of the multiple-step income statement over the single-step income statement?