Additional information:

1. Muskan uses a periodic inventory system.
2. A physical inventory count determined that merchandise inventory on December 31, 2023, was $36400.
3. Of the mortgage payable, $24000 is to be paid April 30, 2024.

Instructions

1. Prepare a multiple-step income statement, a statement of owner's equity, and a classified balance sheet.
2. Prepare the closing journal entries to both inventory and capital

(5 steps)

2) The followitru in an alphabetical list of Muskan adjusted account balances at the end of the comparyys fincal year on Decender 31,2021 : 30 marks irepare financiat statensents and closing eotries - periodic sytem. 2) The followitru in an alphabetical list of Muskan adjusted account balances at the end of the comparyys fincal year on Decender 31,2021 : 30 marks irepare financiat statensents and closing eotries - periodic sytem