ACCOUNT TITLES DEBIT CREDIT $11,761 10,000 18,569 1,000 300 3,000 14.000 Royal Bank account Temporary investment Accounts receivable Office supplies Prepaid insurance Prepaid rent Computer equipment Accumulated dep, computer Accounts payable Unearned legal fees Long term note payable Capital - Sarah Singh Withdrawals - Sarah Singh fees earned Advertising expense Insurance expense Interest expense Office supplies expense Shop supplies expense Rent expense Telephone expense Utilities expense Wages expense Teaching fees earned $5,600 2,030 6,000 19.000 24,000 4,000 75.000 590 2.400 560 5000 3.700 3.000 2.250 5.500 52.000 1.000 $142,630 $142,630 1 A FLY E# % REQUIRED: 1. In my recordings, what number did I say was the maximum number of closing entries that a business could have? (2 marks). Answer: 2. Prepare the first closing entry - to dose revenues to Income Summary (a date is required but an explanation is not) 3.5 marks), Answer o RI gere to search Op