The following selected information is for Okanagan Company for the year ended January 31, 2021:

Instructions

a. Prepare a multiple-step income statement.

b. Prepare closing entries.

Transcribed Image Text:

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