Background Information Karen just started his beauty clinic business named Karen Beauty Clinic at 1 June 2020. Below is the adjusted trial balance at 30 June 2020. Karen Beauty Clinic Adjusted Trial Balance Acc No Account Name Debit ($) Credit ($) 101 Cash at bank 10,000 102 Accounts receivable 150 103 Prepaid rent 11,000 104 Prepaid insurance 4,500 105 Supplies on hand 800 111 Equipment 6,000 112 Accumulated Depreciation - Equipment 100 121 Motor Vehicle 3,000 122 Accumulated Depreciation - Motor Vehicle 0 201 Accounts payable 3,000 202 Interest payable 600 211 Bank loan 19,000 301 Capital, Alex 1 June 2020 16,000 302 Drawings 300 401 Service revenue 450 501 Advertising expense 200 502 Utilities expense 800 503 Depreciation expense - equipment 100 504 Interest expense 600 505 Supplies expense 200 506 Insurance expense 500 507 Rent expense 1,000 39,150 39,150 Question 1 (30 Marks) Referring to the information above, please do the following: a. Make the necessary closing entries for the accounts. (7 Marks) b. Make the Income Statement and Statement of Changes in Equity for the year ended 30 June 2020 and Balance Sheet as at 30 June 2020 (including the correct title and classification, e.g. current & non-current). (18 Marks) Please pay attention on presentation and format (make the tables, etc) as there will be some marks allocated on those. (5 Marks)