The following is an alphabetical list of GBC Inc.'s adjusted account balances at the end of the company's fiscal year on November 30, 2023:
Prepar financial statements and closing entriesperiodic system and earnings approach using Excel to calculate all subtotals and totals and to present your F/S in GOOD FORM
Accounts payable	Payable			42310		Merchandise inventory	Inventory		34360
Accounts receivable		23770		Mortgage payable			106000
Accumulated depreciationbuilding	61200		Prepaid insurance			4500
Accumulated depreciationequipment	19880		Property tax expense		3500
Building				175000		Purchases			635000
G Brown, capital			104480		Purchase discounts		6300
G Brown drawings			12000		Purchase returns and allowances	13315
Cash				8500		Rent revenue			2800
Depreciation expense		14000		Salaries expense			122000
Equipment			57000		Salaries payable			8500
Freight in			5060		Sales				872300
Freight out			8200		Sales discounts			8250
Insurance expense			9000		Sales returns and allowances	9845
Interest expense			5300		Unearned revenue			3000
Land				85000		Utilities expense			19800
Additional facts:
1. GBC Inc. uses a periodic inventory system.
2. Of the mortgage payable, $10000 is due on March 31, 2024.
3. A physical count determined that merchandise inventory on hand at November 30, 2023, was $42,000.
4. The owner made no capital contributions during the year.
Instructions
a.Prepar a multiple-step income statement, statement of owner's equity, and classified balance sheet for the November 30, 2023, year end.
b.Prepar the closing journal entries.