1. The following accounts appeared in the trial balance of the Stanley Inc. at the end of the fiscal year on June 30, 2019. The company also reported Net Income of $35800 during the period ending June 30, 2019. Accounts payable $ 25300 Accounts receivable 30500 Notes Payable Owner's capital $ 30300 101,700 Accumulated 45000 Owner's Drawings 10,000 Depreciation - Equipment Cash 26000 Prepaid Insurance 3600 Cost of goods sold 507,000 Property tax Expense 2500 Freight-out 6500 Property taxes 2500 payable Equipment 146000 Rent Expense 15000 Depreciation Expense 11000 Salaries and wages 96000 expense Insurance Expense 300 Sales revenue 700,000 Interest Expense 6400 Sales commissions 11000 Expense Interest revenue 8000 Sales commissions 4500 payable Inventory 29000 Sales returns and 8000 allowances Utilities Expense 8500 (a) Prepare closing entries on June 30, 2019. (b) Prepare a classified Balance Sheet at June 30, 2019. [10] [10]