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

Requirements
1. Prepare Tran Department Store’s multi-step income statement for the year ended December 31, 2015. Assume ending Merchandise Inventory is $ 29,200.
2. Journalize Tran Department Store’s closingentries.

TRAN DEPARTMENT STORE Adjusted Trial Balance December 31, 2015 Balance Debit Credit Account Title Cash Accounts Receivable Merchandise Inventory (beginning) Office Supplies Furniture Accumulated Depreciation-Furniture Accounts Payable Salaries Payable Uneamed Revenue Notes Payable, long-term Common Stock Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Sales Discounts Purchases Purchase Returns and Alowances Purchase Discounts Freight In Selling Expense Administrative Expense Interest Expense Total $6,550 68,300 30,200 350 70,400 $ 14,800 23,500 2,100 11,800 26,400 50,000 12,300 71,200 316,800 5,300 3,500 239,720 91,200 4,800 480 33,800 21,100 2,800 $ 553,700 S553,700