Question 26 The following is an alphabetical list of Sheffield's Bakery's adjusted account balances at the end of the company's fiscal year on November 30, 2021 Accounts payable $33,010 Merchandise inventory $34,360 Accounts receivable 13,070 Mortgage payable 106,000 Accumulated depreciation building 61,200 Prepaid insurance 4,500 Accumulated depreciation equipment 19,880 Property tax expense 3,500 Building 175,000 Purchases 632,700 B. Hachey, capital 104,480 Purchase discounts 6,800 B. Hachey, drawings 12,800 Purchase returns and allowances 13,315 Cash 20,800 Rent revenue 3,500 Depreciation expense 14,500 Salaries expense 122,000 Equipment 57,000 Salaries payable 8,500 Freight in 5,060 Sales 876,000 Freight out 8,200 Sales discounts 8,250 Insurance expense 9,000 Sales returns and allowances 9,845 Interest expense 5,700 Unearned revenue 3,000 Land 79,000 Utilities expense 20,400 Additional information: 1. Sheffield's Bakery uses a periodic inventory system. 2. of the mortgage payable, $9,200 is due on March 31, 2022. 3. A physical count determined that merchandise inventory on hand at November 30, 2021, was $37,410. 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 sin preceding the number (45).) LD'S BAKERY Prepare a multiple-step income statement for the November 30, 2021, year end. (Enter negative amounts using either a negative sign preceding the number -45 (45). SHEFFIELD'S BAKERY Income Statement For the Year Ended November 30, 2021 Sales Less Sales Returns and Allowances Sales Discounts Net Sales Prepare the closing journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required antector for the account titles and enter o for the amounts.) La Date Account Titles and Explanation Nov. 30 Debit Credit > > > > > (To close Income statement accounts with credit balances and record ending inventory) Nov. 30 y (To dove income statement accounts balances and beginning inventory Nov. 39 (Todose Income Summary act) Nov 30 (Tudose drawings account)