The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the companys fiscal year on November 30, 2017, the following accounts appeared in two of its trial balances.

		Unadjusted		Adjusted				Unadjusted		Adjusted
Accounts Payable		$25,000		$25,000		Inventory		$30,000		$30,000
Accounts Receivable		30,100		30,100		Notes payable		38,000		38,000
Accumulated Depr.Equipment		33,500		45,500		Prepaid Insurance		10,700		3,100
Cash		25,500		25,500		Property Tax Expense				2,500
Common Stock		22,500		22,500		Property Taxes Payable				2,500
Cost of Goods Sold		508,000		508,000		Rent Expense		13,800		13,800
Dividends		10,000		10,000		Retained Earnings		61,700		61,700
Freight-Out		6,000		6,000		Salaries and Wages Expense		94,000		94,000
Equipment		145,000		145,000		Sales Commissions Expense		6,500		11,000
Depreciation Expense				12,000		Sales Commissions Payable				4,500
Insurance Expense				7,600		Sales Returns and Allowances		7,100		7,100
Interest Expense		6,000		6,000		Sales Revenue		710,000		710,000
Interest Revenue		10,500		10,500		Utilities Expense		8,500		8,500
Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number Prepare a retained earnings statement. (List items that increase owner's equity first.) Prepare a balance sheet. Notes payable are due in 2020. (List Current Assets in order of liquidity.) Journalize the adjusting entries that were made. (Credit account titles are automatically indented when amount is entered Journalize the closing entries that are necessary. (Credit account titles are automatically indented when amount is entered.