The following selected information is for Okanagan Company for the year ended January 31, 2024:

Instructions
a. Prepare a multiple-step income statement.
b. Prepare closing entries.

Transcribed Image Text:

Delivery expense Freight in Insurance expense Interest expense Merchandise inventory, beginning Merchandise inventory, ending O. G. Pogo, capital O. G. Pogo, drawings Purchases $ 7,000 6,500 12,000 6,000 61,000 42,000 105,000 42,000 210,000 Purchase discounts Purchase returns and allowances Rent expense Salaries expense Salaries payable Sales Sales discounts Sales returns and allowances Unearned revenue $ 12,000 16,000 20,000 61,000 2,500 325,000 14,000 20,000 4,500