Tilton Department Store Adjusted Trial Balance December 31, 2018 Balance Debit Credit Account Title Cash $ 8,100 Accounts Receivable 85,000 Merchandise Inventory (beginning) 37,100 500 84,000 Office Supplies Furniture Accumulated Depreciation-Furniture Accounts Payable Salaries Payable $ 18,600 29,300 2,100 14,800 35,000 Unearned Revenue Notes Payable, long-term Tilton, Capital Tilton, Withdrawals 65,100 89,300 84,000 $ 18,600 29,300 2,100 Fumiture Accumulated Depreciation - Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable, long-term Tilton, Capital 14,800 35,000 65,100 89,300 Tilton, Withdrawals Sales Revenue 393,000 299,000 Purchases 111,000 Purchase Returns and Allowances 6,200 Purchase Discounts 100 42,300 Freight In Selling Expense Administrative Expense 26,100 3,600 Interest Expense $ 675,100 $ 675,100 Total Tillon Department Store uses a periodic inventory system. The adjusted trial balance of Titon Department Store at December 31, 2018, follows: (Click the icon to view the adjusted trial balance) Read the requirements Requirement 1. Prepare Titon Department Store's multi-step income statement for the year ended December 31, 2018. Assume ending Merchandise Inventory is $1.200. (Use a minus sign or parenthese Begin by calculating the gross proft, then complete the income statement in the next step. Tilton Department Store Income Statement Year Ended December 31, 2018 Less Plus III Plus: IN Less: Gross Profit Net Income (Loss) Requirement 2. Joumalize Tilton Department Store's closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues and any other temporary contra-accounts with credit balances. Accounts and Explanation Date Debit Credit Dec. 31 Clos. (1) Close expenses and any other temporary contra-accounts with debit accounts for the period. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (2) Close Income Summani Close Income Summary. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (3) Close withdrawals. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (4)