Additional information: 1.Culvers Bakery uses a periodic inventory system. 2.Of the mortgage payable, $9,400 is due on March 31, 2022.

3.A physical count determined that merchandise inventory on hand at November 30, 2021, was $37,380.

4.The owner made no capital contributions during the year.

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The following is an alphabetical list of Culver's Bakery's adjusted account balances at the end of the company's fiscal year on November 30, 2021 Accounts payable Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Building B. Hachey, capital B. Hachey, drawings Cash Depreciation expense Equipment Freight in Freight out Insurance expense Interest expense Land $32,910 Merchandise inventory 13,470 Mortgage payable 61,200 Prepaid insurance 19,880 Property tax expense 175,000 Purchases 104,480 Purchase discounts 12,600 Purchase returns and allowances 19,760 Rent revenue 14,100 Salaries expense 57,000 Salaries payable 5,140 Sales 8,200 Sales discounts 9,000 Sales returns and allowances 5,700 Unearned revenue 85,000 Utilities expense $34,360 106,000 4,500 3,500 631,700 6,500 13,315 3,500 121,900 8,500 880,000 8,310 9,845 3,000 20,200 Prepare a statement of owner's equity for the November 30, 2021, year end. (List items that increase owner's equity first.) CULVER'S BAKERY Statement of Owner's Equity 1 Post closing entries to the Merchandise Inventory and capital accounts. Check that the balances in these accounts are the same as the amounts on the balance sheet. (Post entries in the order of Journal entry presented in the previous part.) Merchandise Inventory Date Explanation Ref. Debit Credit Balance Dec. Balance Nov. Closing entry (Merchandise 30 inventory balance on Dec. 31, 2020) Closing entry (Merchandise 30 inventory balance on Nov. 30, 2021) B. Hachey, Capital Date Explanation Ref. Debit Credit Balance Dec. Balance