5) Closing entries 6) Post-Closing Trial Balance The adjusting entries based from the above adjustment data are presented below: Mabuhay Equipment Rental Adjusting Entries December 31, 2020 debit a. Rent Expense credit 66,000 Prepaid Rent 66.000 To take up the rent expense for the year 2020. b. Prepaid Insurance 2.970 Insurance Expense 2,970 To take up prepaid insurance and to adjust insurance expense account. C. Depreciation Expense 13,200 Accumulated depreciation 13.200 To take up depreciation of equipment for the year. d. Salaries Expense 6,000 Salaries Payable 6,000 To take up the incurred salaries. e. Office Supplies 3,000 Office Supplies Expense 3.000 To take up the unused office supplies expense and to adjust the office supplies account. f. Accounts Receivable 7,000 Rental Service Revenue 7.000 To take up the accrued revenue at Dec. 31,2020