1. Bud's Bakery uses a periodic inventory system with the earnings approach. 2. Of the mortgage payable, $8,500 is due on March 31,2025 . 3. A physical count determined that merchandise inventory on hand at November 30,2024 , was $37,350. 4. The owner made no capital contributions during the year. Instructions a. Prepare a multiple-step income statement, statement of owner's equity, and classified balance sheet for the November 30,2024, year end. b. Prepare the closing journal entries. c. Post the closing entries to the Merchandise Inventory and capital accounts. Check that the balances in these accounts are the same as the amounts on the balanee shect. 1. Bud's Bakery uses a periodic inventory system with the earnings approach. 2. Of the mortgage payable, $8,500 is due on March 31,2025 . 3. A physical count determined that merchandise inventory on hand at November 30,2024 , was $37,350. 4. The owner made no capital contributions during the year. Instructions a. Prepare a multiple-step income statement, statement of owner's equity, and classified balance sheet for the November 30,2024, year end. b. Prepare the closing journal entries. c. Post the closing entries to the Merchandise Inventory and capital accounts. Check that the balances in these accounts are the same as the amounts on the balanee shect