The following is an alphabetical list of Bud's Bakery's adjusted account balances at the end of the company's fiscal year on November 30, 2014:

Additional facts:
1. Bud's Bakery uses a periodic inventory system.
2. Of the mortgage payable, $8,500 is due in the next year.
3. A physical count determined that merchandise inventory on hand at November 30, 2014, was $37,350.
Instructions
(a) Prepare a multiple-step income statement, statement of owner's equity, and classified balance sheet.
(b) Prepare the closing journal entries.
(c) 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.
Taking It Further
If you had not been told that Bud's Bakery uses a periodic inventory system, how could you have determined that? What information is available in a periodic inventory system that is not available in a perpetual inventory system?

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Accounts payable Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Merchandise inventory Mortgage payable Property tax expense Purchase discounts B. Hachey, capital B. Hachey, drawings 104,480 Purchase returns and allowances 2 Depreciation expense Salaries payable 8 Sales returns and allowances Interest expense