(c) Journalize the closing entries for Interest Revenue, Electricity Expense and Salaries Expense for the 3-month period January 1, 2021March 31, 2021.

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Problem #4 - [8 marks] 8.0 points possible (graded, results hidden) GotiMan is operating an entertainment business, GotiDanob Inc. The unadjusted trial balance for GotiDanob Inc. at March 31, 2021 had the following normal balances. The company prepares quarterly financial statements. Debit Items $ Cash 53300 Accounts Receivable . . 5500 Supplies 200 Prepaid Insurance... 2700 Equipment 8400 Machinery 5500 Electricity Expense .. 430 Rent Expense.. 250 Depreciation Expense - Equipment 350 Depreciation Expense - Machinery ... 120 Credit Items $ Notes Payable.. 42600 Accounts Payable.... 3580 Interest payable ........ 1100 Unearned Service Revenue . . 3500 GotiMan, Capital 19000 Service Revenue. 3300 Interest Revenue. 700 Other Data: Adjustments: 1. GotiDanob Inc. has 7 salaried employees. Salaries are paid every Thursday for the current week. 4 employees receive a salary of $200 each per week, while the rest of the employees receive a salary of $500 each per week. Employees work five days a week (Sunday to Thursday) and they do not work on weekends (Friday and Saturday). Assume March 31 is a Monday. All the employees work through March 31st. 2. GotiDanob Inc. has separate insurance policies on its equipment and its machinery. Policy ABC on the equipment, which was purchased on March 1, 2020 for $2400, has a term of one year. Policy XYZ on the machinery, which was purchased on March 1, 2021 for $3800, has a term of three years. 3. The annual interest rate on Notes Payable is 10%. (The Notes Payable was issued on February 1, 2021) Errors: 1. A payment for Electricity Expense was recorded as $240 instead of $520. 2. A debit posting of $2600 to the Accounts Receivable account was made twice