Below is Home Health Foods Ltd trial balance at December 31, 20207, is shown below.

Home Health Foods Ltd

Trial Balance

December 31, 2020

Debit Credit

Cash $16,400

Accounts receivable 2,500

Prepaid insurance 3,400

Prepaid rent 6,500

Supplies 3,700

Equipment 27,500

Accumulated depreciation-equipment $10,200

Furniture 15,000

Accumulated depreciation-furniture 7,600

Accounts payable 5,400

Salary payable 1,400

Unearned revenue 6,500

Common shares 20,600

Retained earnings 15,800

Dividends 3,000

Fees earned 28,900

Salary expense 4,900

Depreciation expense-equipment 3,800

Depreciation expense-furniture 2,500

Rent expense 4,800

Insurance expense 1,200

Supplies expense 500

Advertising expense 700 ________

$96,400 $96,400

1. Using the above trial balance of Home Health Foods Ltd, Prepare closing journal entries for December 31, 2020. (10 marks)