$ 10,700 Presented below is an adjusted trial balance for Simon Company, at December 31, 2019. Cash Accounts receivable Prepaid insurance Equipment Accumulated depreciation- 25,000 15,000 30,000 19000 Accounts payable Notes payable 10,000 12,000 Unearned service revenue 21,000 Owner's capital 49,000 Owner's Drawings 1,500 Service revenue 29,000 Depreciation expense 7,000 Advertising expense 11,400 Rent expense 10,800 Salaries and wages expense 22,000 Insurance expense 6.600 $115,000 $115,000 Instructions (a) Prepare single Income statement (3 marks) (b) Prepare closing entries (7 marks)