The Akinnuoye 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 company?s fiscal year on November 30, 2012, the following accounts appeared in two of its trial balances.

Instructions(a) Prepare a multiple-step income statement, an owner's equity statement, and a classified balance sheet. Notes payable are due in 2015.(b) Journalize the adjusting entries that were made.(c) Journalize the closing entries that arenecessary.

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Unadjusted Unadjusted $ 25,200 Adjusted $ 25.200 30,500 45,000 26,000 Adjusted Notes Payable Accounts Payable Accounts Receivable Accumulated Depr.-Equip. $ 37,000 101,700 10,000 3,500 2,500 2,500 15,000 96,000 30,500 Owner's Drawings Prepaid Insurance 10,000 10,500 26,000 Cost of Goods Sold Freight-out Equipment Depreciation Expense Insurance Expense Property Tax Expense Property Taxes Payable Rent Expense Salaries and Wages Expense Sales Revenue Sales Commissions Expense Sales Commissions Payable Sales Returns and Allowances Utilities Expense 507,000 507,000 6,500 146,000 11,000 146,000 15,000 96,000 7,000 6,400 8,000 29,000 700,000 700,000 Interest Expense Interest Revenue Inventory 6,400 8,000 29,000 4,500 8,000 8,500 8,000 8,500