(c) Prepare the necessary closing entries (journal narratives NOT required) to prepare the books for the coming new financial year. (6 marks) (d) Report the financial position of the firm by preparing the Statement of Financial Position as at 31 December 20X9. (15 marks)Account Names Dr Cr $ $ Cash 100.800 Accounts receivable 48.540 Allowance for impairment of accounts receivable 3,170 Supplies 13.380 Prepaid rent 61.200 Equipment 31,980 Accumulated depreciation - equipment 2,400 Accounts payable 19,600 Unearned revenue 12,000 Share capital 108,000 Retained earnings 71,115 Dividend distributed 3.380 Consultation fees earned 237,800 Salary expense 120.450 Advertising expense 9.720 Depreciation expense 0 Rent expense 46.800 Supplies expense 10,620 Impairment loss on accounts receivable 0 Administrative expense 7.215 454,085 454,085Debit Credit Regular Journal Entry 1 Accounts receivables $16,800 Consultation fees earned $16,800 Adjusting Entry 2 Unearned Revenue $3,000 Consultation fees earned $3,000 Adjusting Entry 3 Rent Expense $20400 Prepaid Rent $20400 Regular Journal Entry 4 Salary Expense $10,950 Cash $10,950 Adjusting Entry Bonus Expense $8,000 Bonus Payable $8,000 Regular Journal Entry 5 Administrative Expense $1,200 Cash $1,200 Regular Journal Entry 6 Supplies $2,500 Accounts payable $2,500 Adjusting Entry Supplies Expense $5,680 Supplies $5,680 Adjusting Entry 7 Impairment loss on accounts receivables $440 Allowance for impairment of accounts receivables $440 Adjusting Entry 8 Depreciation Expense $7,395 Accumulated Depreciation- Equipment $7,395