Question: Tilton Department Store uses a periodic inventory system The adjusted

Tilton Department Store uses a periodic inventory system. The adjusted trial balance of Tilton Department Store at December 31, 2016, follows:
Requirements
1. Prepare Tilton Department Stores multi-step income statement for the year ended December 31, 2016. Assume ending Merchandise Inventory is $36,700.
2. Journalize Tilton Department Stores closing entries.

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  • CreatedJune 12, 2015
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