$7,700 20,000 Presented below is an adjusted trial balance for Shawn Company, at December 31, 2019 Cash Accounts receivable Prepaid insurance Equipment 15,000 35,000 Accumulated depreciation- 14,000 Accounts payable Notes payable 10,000 9,000 Unearned service revenue 16,000 Owner's capital 24,000 Owner's Drawings 1,500 Service revenue 29,000 Depreciation expense 7,000 Advertising expense 1,400 Rent expense 800 Salaries and wages expense 12,000 Insurance expense 1,600 $102.000 $102.000 Vice 29,000 Depreciation expense 7,000 Advertising expense 1,400 Rent expense 800 Salaries and wages expense 12,000 Insurance expense 1,600 $102,000 $102,000 Instructions (a) Prepare Income statement (3 marks) (b) Prepare closing entries (7 marks) 7 A BI 00