The following is Crystal Company’s adjusted trial balance at December 31, 2024:

Instructions
a. Prepare a single-step income statement for the year ended December 31, 2024.
b. Prepare closing entries and a post-closing trial balance.

Transcribed Image Text:

Cash Notes receivable Merchandise inventory Equipment Accumulated depreciation-equipment Unearned revenue Notes payable L. Crystal, capital L. Crystal, drawings Interest revenue Rent revenue Sales Advertising expense Cost of goods sold Delivery expense Depreciation expense Insurance expense Interest expense Salaries expense Sales discounts Sales returns and allowances Debit $ 75,700 100,000 70,000 450,000 150,000 55,000 851,500 25,000 45,000 15,000 10,500 650,000 9,900 59,400 $2,567,000 Credit $ 135,000 8,000 175,000 235,000 10,000 24,000 1,980,000 $2,567,000