1- Using the above trial balance of Home Health Foods Ltd, Prepare closing journal entries for December 31, 2020. (10 marks)

Problem 5 (10 marks) Below is Home Health Foods Ltd trial balance at December 31, 20207, is shown below. Credit $10,200 Home Health Foods Ltd Trial Balance December 31, 2020 Debit Cash $16,400 Accounts receivable 2,500 Prepaid insurance 3,400 Prepaid rent 6,500 Supplies 3,700 Equipment 27,500 Accumulated depreciation-equipment Furniture 15,000 Accumulated depreciation-furniture Accounts payable Salary payable Unearned revenue Common shares Retained earnings Dividends 3,000 Fees earned Salary expense 4,900 Depreciation expense-equipment 3,800 Depreciation expense-furniture 2,500 Rent expense 4,800 Insurance expense 1,200 Supplies expense 500 Advertising expense 700 $96,400 7,600 5,400 1,400 6,500 20,600 15,800 28,900 $96,400