Maine Department Store is located near the Village Shopping Mall. At the end of the company's fiscal year on December 31, 2012, the following accounts appeared in two of its trial balances. Unadjusted Adjusted Unadjusted Adjusted Accounts Payable $79,300 $79,300 Interest Payable $8,000 Accounts Receivable 50,300 50,300 Interest Revenue $4,000 4,000 Accumulated Depr. - Building 42,100 52,500 Merchandise Inventory 75,000 75,000 Accumulated Depr. - Equipment 29,600 42,900 Mortgage Payable 80,000 80,000 Building 190,000 190,000 Office Salaries Expense 32,000 32,000 Cash 23,800 23,800 Prepaid Insurance 9,600 2,400 B. Maine, Capital 176,600 176,600 Property Tax Expense 4,800 Cost of Goods Sold 412,700 412,700 Property Taxes Payable 4,800 Depr. Expense - Building 10,400 Sales Salaries Expense 76,000 76,000 Depr. Expense- Equipment 13,300 Sales 628,000 628,000 B. Maine, Drawing 28,000 28,000 Sales Commissions Expense 10,200 14,500 Equipment 110,000 110,000 Sales Commissions Payable 4,300 Insurance Expense 7,200 Sales Returns and Allowances 8,000 8,000 Interest Expense 3,000 11,000 Utilities Expense 11,000 12,000 Utilities Expense Payable 1,000 Prepare a multiple-step income statement, an owner's equity statement, and a classified balance sheet. $20,000 of the mortgage payable is due for payment next year. (List amounts from largest to smallest e.g. 10, 5, 3, 2. If amounts are the same, list alphabetically. For the Balance Sheet, list assets in order of liquidity and liabilities from largest to smallest e.g. 10, 5, 3, 2.) MAINE DEPARTMENT STORE Income Statement For the Year Ended December 31, 2012 Sales Revenues $ Less: Net sales Gross profit Operating expenses $ Total operating expenses Income from operations Other revenues and gains Other expenses and losses Net income $ MAINE DEPARTMENT STORE Owner's Equity Statement For the Year Ended December 31, 2012 $ Add: Less: $ MAINE DEPARTMENT STORE Balance Sheet December 31, 2012 Assets Current Assets $ Total current assets Property, plant and equipment $ Less: Equipment Less: Total assets $ Liabilities and Owner's Equity Current liabilities $ Total current liabilities Long-term liabilities Total liabilities Owner's Equity Total liabilities and owner's equity $ Journalize the adjusting entries that were made. Date Description/Account Debit Credit Dec. 31 (To adjust depreciation on building.) Dec. 31 (To adjust depreciation on equipment.) Dec. 31 (To adjust insurance expense.) Dec. 31 (To adjust interest expense.) Dec. 31 (To adjust property tax expense.) Dec. 31 (To adjust sales commissions expense.) Dec. 31 (To adjust utilities expense.) Journalize the closing entries that are necessary. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.) Date Description/Account Debit Credit Dec. 31 (To close revenue account.) Dec. 31 (To close expense accounts.) Dec. 31 (To close net income to capital.) Dec. 31 (To close drawings to capital.)