3. The following adjusted trial balance for Canadian Music School 1. Prepare the closing entries for December 31, 2019. 2. Post the closing entries. 3. Prepare the post-closing trial balance at December 31, 2019 Canadian Piano School Adjusted Trial Balance Credit Debit $ 7.000 3,000 31,000 . $27,000 700 17,200 Cash.......... Accounts receivable.. Piano .......... Accumulated depreciation, piano Salaries payable........... Melodie Martin, capital ....... Melodie Martin, withdrawals. Teaching revenue......... Salaries expense. Depreciation expense, piano..... Utilities expense..... Totals ...... 2,300 38,000 30,000 5,000 4,600 $82,900 $82,900 4. You are the new accounts payable manager for a merchandising company that purchases its mer- chandise on credit. You are trained for your new job by the outgoing employee. You are to oversee payment of payables to maintain the company's credit standing with suppliers and to take advan- tage of favourable cash discounts. The outgoing employee explains that the computer system is programmed to prepare cheques for amounts net of favourable cash discounts, and cheques are dated the last day of the discount period. You are told that cheques are not mailed until five days later, however. "It's simple," this employee explains. "Our company gets free use of cash for an extra five days, and our department looks better. When a supplier complains, we blame the computer system and the mail room." Your first invoice arrives with a 10-day discount period for a $10,000 purchase. This transaction occurs on April 9 with credit terms of 2/10, n/30. Do you mail the $9,800 cheque on April 19 or April 24