P5-5B Singleton Sports Products, which uses the perpetual inventory system, has the following account balances (in alphabetical order) on August 31, 2020: Accounts Payable.. $61,500 Accounts Receivable... 64,700 Accumulated Amortization-Equipment.. 124.000 14,400 Cash 305,100 C. Singleton, Capital.. 62,400 C. Singleton, withdrawals. 789,900 Cost of Goods Sold. 336,000 Equipment.... 2.600 Interest Earned. Interest Earned. 2,600 Inventory... 248,400 Operating Expenses... 541,200 Sales Discounts... 36,200 Sales Returns and Allowances 48,600 Sales Revenue.. 1,640,000 Supplies..... 27,600 Unearned Sales Revenue.. 36,200 NOTE: For simplicity, all operating expenses have been summarized in the account Operating Expenses. Additional data at August 31, 2020: a. A physical count of items showed $14,200 of supplies were on hand. (Hint: Use the account Operating Expenses in the adjusting journal a. A physical count of items showed $14,200 of supplies were on hand. (Hint: Use the account Operating Expenses in the adjusting journal entry.) b. An inventory count showed inventory on hand at August 31, 2020, of $247,400. c. The equipment is expected to last five years and to have no value at the end of this time. (Hint: Use the account Operating Expenses in the adjusting journal entry.) d. Unearned sales of $9,600 were earned by August 31, 2020. Required 1. Record all adjusting and closing entries required on August 31, 2020. 2. Prepare the multi-step income statement and statement of owner's equity for the year ended August 31, 2020, and the classified balance sheet in report format as at August 31, 2020