PRACTICE PROBLEM - PERIODIC For the Year Ended December 31, 2020 A physical merchandise inventory taken on December 31 amounted to $8,000 Required a) Prepare an Adjusted Trial Balance based on the following Account Balances. b) Prepare a Multiple Step or Classified Income Statement (Periodic) in proper format. Merchandise Inventory Cash Accounts Receivable Sales Office Supplies Store Machinery Sales Discounts Freight In Accounts Payable Capital Withdrawals Purchase Returns and Allowances Acc. Dep. - Machinery Sales Returns and Allowances Purchase Discounts Purchases Salesmen Salary Expense Depreciation Expense Office Supplies Expense Salaries Payable 10,000 90,000 15,000 180,000 3,000 100,000 6,000 1,500 18,000 84,500 14,000 2,000 40,000 4,000 3,000 50,000 19,000 20,000 2,000 7,000 Total 669,000 =====