Based on the data presented in Exercise 5-23, journalize the closing entries.

Data From Exercise 5-23:

On February 28, 2014, the balances of the accounts appearing in the ledger of Foldaway Furnishings Company, a furniture wholesaler, are as follows:

                            

  a. Prepare a multiple-step income statement for the year ended February 28, 2014.
  b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.