British Columbia Institute of Technology EMGT 1100 - Accounting 1 D. CLOSING JOURNAL ENTRIES (14 Marks) D. CLS Based on the following adjusted trial balance on the next pace prepare the closing journal entries for Scott Lee and Associates la proprietorship) on December 31, 2019. Please include the appropriate descriptions of each closing journal entry. (12 marks) Scott Lee and Associates Adjusted Trial Balance December 31, 2019 Credit Debit Cash $13,600 Accounts receivable 2,000 Office supplies 700 Prepaid insurance 1,200 Equipment 15,600 Accumulated Depreciation, Equipment Accounts payable Salary payable Unearned service revenue Scott Lee, capital Scott Lee, drawings 4,900 Service revenue Advertising expense 1,400 Depreciation expense 1,300 Supplies expense 500 Insurance expense Utilities expense 2.900 Total $44,750 $3,900 6,800 1,100 800 22,900 9,250 650 $44.750 British Columbia Institute of Technology EMGT 1100 - Accounting 1 D. CLOSING JOURNAL ENTRIES (14 Marks) D. CLS Based on the following adjusted trial balance on the next pace prepare the closing journal entries for Scott Lee and Associates la proprietorship) on December 31, 2019. Please include the appropriate descriptions of each closing journal entry. (12 marks) Scott Lee and Associates Adjusted Trial Balance December 31, 2019 Credit Debit Cash $13,600 Accounts receivable 2,000 Office supplies 700 Prepaid insurance 1,200 Equipment 15,600 Accumulated Depreciation, Equipment Accounts payable Salary payable Unearned service revenue Scott Lee, capital Scott Lee, drawings 4,900 Service revenue Advertising expense 1,400 Depreciation expense 1,300 Supplies expense 500 Insurance expense Utilities expense 2.900 Total $44,750 $3,900 6,800 1,100 800 22,900 9,250 650 $44.750