Please complete this question in 10 minutes

QUESTION 8 (12 marks) Prepare all year-end closing entries for McLean Company using compound entries wherever appropriate. McLean Company uses the perpetual-inventory method. On November 30, 2020 the adjusted year-end account balances of McLean Company were as follows: Accounts Payable Accounts Receivable Accumulated Depreciation Depreciation Expense Cash Cost of Goods Sold Don McLean, Capital Don McLean, Withdrawals $16,250 11,500 12,000 5,500 3,500 299,850 66,500 15,000 Equipment Interest Revenue Inventory (unadjusted) Rent and Utilities Expense Salaries Expense Sales Sales Discounts $70,000 2,200 26,250 38,500 118,000 505,000 13,850 Physical count of inventory November 30, 2020 = $28,500. Inventory should be adjusted before the closing entries are prepared D) Focus