Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise.Preparing a multi-step income statement and journalizing closing entriesTriton Department Store uses a periodic inventory system. The adjusted trial balance of Triton Department Store at December 31, 2018, follows:RequirementsPrepare Triton Department Store’s multi-step income statement for the year ended December 31, 2018. Assume ending Merchandise inventory is $36,300.Journalize Triton Department Store’s closing entries. TRITON DEPARTMENT STOREAdjusted Trial BalanceDecember 31, 2018BalanceAccount TitleDebitCreditCash$ 8,200Accounts Receivable84,600Merchandise Inventory (beginning)37,800Office Supplies850Furniture86,000Accumulated Depreciation-Furniture$ 18,500Accounts Payable29,400Salaries Payable2,300Unearned Revenue14,900Notes Payable, long-term36,000Common Stock60,000Retained Earnings22,850Dividends88,600Sales Revenue374,000Purchases295,000Purchase Returns and Allowances109,000Purchase Discounts6,400Freight In300Selling Expense41,700Administrative Expense26,600Interest Expense3,700Total$ 673,350$ 673,350

Name: Assume the perpetual inventory system is used unless stated otherwise.
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Description: Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise.Preparing a multi-step income statement and journalizing closing entriesTriton Department Store uses a period

Answered: TRITON DEPARTMENT STORE Adjusted Trial…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise.

Preparing a multi-step income statement and journalizing closing entries

Triton Department Store uses a periodic inventory system. The adjusted trial balance of Triton Department Store at December 31, 2018, follows:

Requirements

Prepare Triton Department Store’s multi-step income statement for the year ended December 31, 2018. Assume ending Merchandise inventory is $36,300.
Journalize Triton Department Store’s closing entries.

TRITON DEPARTMENT STORE
Adjusted Trial Balance
December 31, 2018
Balance
Account Title
Debit
Credit
Cash
$ 8,200
Accounts Receivable
84,600
Merchandise Inventory (beginning)
37,800
Office Supplies
850
Furniture
86,000
Accumulated Depreciation-Furniture
$ 18,500
Accounts Payable
29,400
Salaries Payable
2,300
Unearned Revenue
14,900
Notes Payable, long-term
36,000
Common Stock
60,000
Retained Earnings
22,850
Dividends
88,600
Sales Revenue
374,000
Purchases
295,000
Purchase Returns and Allowances
109,000
Purchase Discounts
6,400
Freight In
300
Selling Expense
41,700
Administrative Expense
26,600
Interest Expense
3,700
Total
$ 673,350
$ 673,350

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