Elliott sdventures which uses the perpetual inventory eylem has the following account balonies on Oct 31, 2020 sccount Balances. 39000 sccount Payable 41000 scount Recoiable 72000 sccumulated smortization Equipment 10200 Cast 689000 Cost of Goods Sold 437100 E. Sackson, Capital E. Jackson, withdrawals. Equkment 1.90,000 Interest Earned. YODO Inventory IS 1000 365000 Operating Expenses Sales Discounts 10300 sales Returns and allowances. 34000 Sales Revenue 1,055,000 Supplies 28000 Unearned Sales Revenue 9400 92000 on hand Additional data at October 31, 2020 (a) s physical count of items showed $3,400 fsupplies (b) son inventory count showed inventary on hand at Oct 31,2020 of $ 154,000 The equipment has an estimated useful of eight years and expected to have no salue at the end of its life laly Drearned ballo novem P45,20 mos Banned by Oct 31,230 . Required Record all adjustments and closing entries that would be required on Oct 31, 2020 2 Prepare the multi-step income statement of owner's equity for the year ended Oct 31, 2020 and the classified balance shoot in report format as at Oct 31, 2020