x Data Table $ Balance Debit Credit 7,800 84,500 38,500 400 80,000 $ 18,600 Account Title Cash Accounts Receivable Merchandise Inventory (beginning) Office Supplies Furniture Accumulated DepreciationFurniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable, long-term Trudel, Capital Trudel, Withdrawals Sales Revenue Sales Returns and Allowances Sales Discounts Purchases Purchase Returns and Allowances Purchase Discounts Freight In Selling Expense Administrative Expense Interest Expense 28,600 2,100 14,100 37,000 72,500 88,600 386,000 6,200 4,300 297,000 115,000 6,100 100 42,600 26,200 3,800 Total 680,000 $ 680,000 Trudel Department Store uses a periodic inventory system. The adjusted trial balance of Trudel Department Store at December 31, 2016, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare Trudel Department Store's multi-step income statement for the year ended December 31, 2016. Assume ending Merchandise Inventory is $36,400. (Use a minus sign or parentheses to show other expenses.) Begin by calculating the gross profit, then complete the income statement in the next step. Trudel Company Income Statement Year Ended December 31, 2016 Less: Less: Plus: Less: Gross Profit Choose from any list or enter any number in the input fields and then continue to the next question. Trudel Department Store uses a periodic inventory system. The adjusted trial balance of Trudel Department Store at December 31, 2016, follows: (Click the icon to view the adjusted trial balance.) Read the requirements. Less: Less: III Plus: Less: Gross Profit Net Income (Loss) Choose from any list or enter any number in the input fields and then continue to the next question. Trudel Department Store uses a periodic inventory system. The adjusted trial balance of Trudel Department Store at December 31, 2016, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 2. Journalize Trudel 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 other contra-expense accounts with credit balances. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (1) Close expenses and any contra-revenue accounts for the period. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (2) Choose from any list or enter any number in the input fields and then continue to the next question. Trudel Department Store uses a periodic inventory system. The adjusted trial balance of Trudel Department Store at December 31, 2016, follows: (Click the icon to view the adjusted trial balance.) Read the requirements. Dec. 31 Clos. (2) Close Income Summary. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (3) Close Owners Withdrawals. Date Accounts and Explanation Debit Credit Dec. 31 Clos (4) Choose from any list or enter any number in the input fields and then continue to the next