Based on the data presented in Exercise 6-23, journalize the closing entries.

Data From Exercise 6-23:

On October 31, 2016, the balances of the accounts appearing in the ledger of Prestige Furnishings Company, a furniture wholesaler, are as follows:

a. Prepare a multiple-step income statement for the year ended October 31, 2016.
b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.