7: Financial Statements (6 Marks) Fireplaces R US Inc. is in the process of preparing their financial statements as at December 31, 2020. They have provided you with the simplified trial balance after all adjusting entries have been made and have requested that you prepare the closing year end entries for the year end. Cash 150,000 Accounts payable 30,000 Accounts receivable 75,000 Accumulated Depreciation - Building 90,000 Utilities expense 30,000 Building 380,000 Common Shares 5,000 Depreciation Expense Income Tax Expense Land Short term debt Salaries expense 33,000 9,000 220,000 Consulting Revenue Supplies 300,000 80,000 327,000 Retained Earnings, opening Dividends Unearned Revenue 7,000 125,000 33,000 60,000 Required: Prepare all necessary closing journal entries for the December 31 fiscal year end. Date Account Debit Credit