b/ On Dec 31", 2020, the account balances of Chelsea Elliott, Marketing Services were as follows. (20 marks) Chelsea Elliott, Marketing Services Trial Balance For the year ended Dec 31", 2020 Debit (RM) Credit (RM) Cash 7,780 Account receivable 24,300 Prepaid rent 2,100 Prepaid insurance 2,730 Office supplies 4,020 Office equipment 12,200 Accumulated depreciation - Office equipment 2,470 Accounts payable 10,860 Unearned fees 1,100 Loan Payable - due 2015 9,200 C. Elliott, Capital 16,600 C. Elliot, Drawing 52,000 Fees revenue 138,400 Salaries expense 57,200 Telephone expense 6,100 10,200 Totals 178,630 178,630 Rent expense Other data: 1. Interest expense of RM520 has accrued on the loan payable 2. A physical account of office supplies on December 31" shows RM560 of unused supplies on hand 3. Depreciation of the office equipment this year is estimated to be RM1,020 4. Half the amount in the Unearned fee account had been earned by the end of the year 5. The amount in the Prepaid Rent account covers this December and the next 2 months 6. Of prepaid insurance, 80% expired this period Required: - Journalize the adjusting entries. - Journalize the closing entries