Triton Department Store uses a periodic inventory system. The adjusted trial balance of Triton Department Store at December 31, 2018, follows:

Requirements
1. Prepare Triton Department Store's multi-step income statement for the year ended December 31, 2018. Assume ending Merchandise Inventory is $36,300.
2. Journalize Triton Department Store's closing entries.

Transcribed Image Text:

TRITON DEPARTMENT STORE Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit $ 8,200 Cash 84,600 Accounts Receivable Merchandise Inventory (beginning) 37,800 Office Supplies 850 Furniture 86,000 $ 18,500 Accumulated Depreciation-Furniture Accounts Payable 29,400 Salaries Payable 2,300 Unearned Revenue 14,900 Notes Payable, long-term 36,000 60,000 Common Stock Retained Earnings 22,850 88,600 Dividends Sales Revenue 374,000 Purchases 295,000 Purchase Returns and Allowances 109,000 6,400 Purchase Discounts Freight In 300 Selling Expense 41,700 Administrative Expense 26,600 Interest Expense 3,700 $ 673,350 $ 673,350 Total