Problem 5-13A The following is an alphabetical list of Monty's Bakery's adjusted account balances at the end of the company's fiscal year on November 30, 2021: Accounts payable Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Building B. Hachey, capital B. Hachey, drawings Cash Depreciation expense Equipment Freight in Freight out Insurance expense Interest expense Land $33,010 13,370 61,200 19,880 175,000 104,480 12,500 27,100 14,100 57,000 5,150 8,200 9,000 5,500 85,000 Merchandise inventory Mortgage payable Prepaid insurance Property tax expense Purchases Purchase discounts Purchase returns and allowances Rent revenue Salaries expense Salaries payable Sales Sales discounts Sales returns and allowances Unearned revenue Utilities expense $34,360 106,000 4,500 3,500 626,700 7,100 13,315 3,200 121,600 8,500 881,000 8,260 9,845 3,000 20,000 Additional information: 1. Monty's Bakery uses a periodic inventory system. 2. Of the mortgage payable, $9,100 is due on March 31, 2022. 3. A physical count determined that merchandise inventory on hand at November 30, 2021, was $37,450. 4. The owner made no capital contributions during the year. Prepare a multiple-step income statement for the November 30, 2021, year end. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) MONTY'S BAKERY Income Statement Prepare a statement of owner's equity for the November 30, 2021, year end. (List items that increase owner's equity first.) MONTY'S BAKERY Statement of Owner's Equity Prepare a classified balance sheet for the November 30, 2021, year end. (List Current Assets in order of liquidity. List Property, plant and Equipment in order of Land, Buildings and Equipment.) MONTY'S BAKERY Balance Sheet Assets Liabilities and Owner's Equity Prepare the closing journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is re Date Account Titles and Explanation Debit Credit Nov. 30 (To close income statement accounts with credit balances and record ending inventory.) Nov. 30 (To close income statement accounts with debit balances and beginning inventory.) Nov. 30 (To close Income Summary account.) Nov. 30 Post closing entries to the Merchandise Inventory and capital accounts. Check that the balances in these accounts are the same as the amounts on the balance sheet. (Post entries in the order of Journal ent Merchandise Inventory Ref. Debit Date Explanation Credit Balance Dec. 1 Balance Nov. 30 Closing entry (Merchandise inventory balance on Dec. 31, 2020) 30 Closing entry (Merchandise inventory balance on Nov. 30, 2021) B. Hachey, Capital Date Explanation Ref. Debit Dec. 1 Balance Credit Balance Nov. 30 Closing entry 30 Closing entry