Preparing a multi-step income statement and journalizing closing entries Tilton Department Store uses a periodic inventory system. The adjusted trial balance of Tilton Department Store at December 31, 2016, follows:
1. Prepare Tilton Department Store’s multi-step income statement for the year ended December 31, 2016. Assume ending Merchandise Inventory is $36,700.
2. Journalize Tilton Department Store’s closing entries.
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