E F G H J L M N O Q A 1 #2 2 3 B B D Metro Department Store is located in midtown Metropolis. At the end of the company's fiscal year on November 30, 2021, the following accounts appeared in alphabetical order in its adjusted trial balance. Metro Department uses the periodic method of inventory. a) Prepare the income statement for November 30, 2021, up to Gross Profit. b) Prepare the 3 closing entries needed on November 30, 2021. 4 5 Date Particulars Debit Credit 6 Metro Department Store Income Statement For the period ending November 30, 2021 Nov. 30 7 Revenue: 8 9 10 11 12 Net Sales 13 14 Cost of Goods Sold: 15 16 17 18 19 20 Merchandise Inventory at November 30, 2021 is 36,200. Accounts Payable 35,310.00 Accounts Receivable 13,770.000 Accumulated Amortization - Building 41,800.00 Accumulated Amortization - Delivery Equipment 19,680.00 Amortization Expense - Building 9,500.00 Amortization Expense - Delivery Equipmen 4,000.00 Building 175,000.00 Hachey, Capital 220,200.00 Cash 8,000.00 Delivery Equipment 57,000.00 Delivery Expense 8,200.00 Hachey, Drawings 12,000.00 Freight in 5,060.00 Insurance Expense 9,000.00 Land 45,000.00 Merchandise Inventory (beginning) 34,360.00 Mortgage Payable 146,000.00 Prepaid Insurance 4,500.00 Property Tax Expense 3,500.00 Property Tax Payable 3,500.00 Purchases 630,000.00 Purchase Returns and Allowances 3,000.00 Purchase Discounts 1,500.00 Salaries Expense 140,000.00 Sales 848,000.00 Cost of Goods Available for Sale Cost of Goods Sold Gross Profit 21 22 23 24 25 26 27 28 29 30 31 Calon Doturns and Allowancar 100nnnn Salaries Expense Sales Sales Returns and Allowances Sales Discounts Store Equipment Utilities Expense 140,000.00 848,000.00 10,000.00 5,500.00 125,000.00 19,600.000 1,318,990.00 1,318,990.00 (23) ((11) ) 30 31 32 33 34 35 36 37 38 39 40 41 42 43