Tucker Department Store uses a periodic inventory system. The adjusted trial ­balance of Tucker Department Store at December 31, 2015, follows:

Requirements
1. Prepare Tucker Department Store’s multi- step income statement for the year ended December 31, 2015. Assume ending Merchandise Inventory is $ 36,500.
2. Journalize Tucker Department Store’s closingentries.

Transcribed Image Text:

TUCKER DEPARTMENT STORE Adjusted Trial Balance December 31, 2015 Balance Account Title Cash Accounts Receivable Merchandise Inventory (beginning) Office Supples Furniture Accumulated Depreciation-Furniture Accounts Payable Salaries Payable Unearned Revenue Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Sales Discounts Purchases Purchase Retuns and Allowances Purchase Discounts Freight In Selling Expense Administrative Expense Interest Expense Total Debit Credit 7,920 85,360 37,840 440 88,000 18,480 29,260 2,640 14,740 33,000 50,000 27,860 89,100 396,000 6,600 4,400 299,600 114,040 6,000 600 42,240 26,400 3,520 $ 692,020 692,020