C2 Ltd prepared the unadjusted partial trial balance as at 30th June 20x3 as shown below. Unadjusted Partial Trial Balance as at 30th June 20X3 Cash 43,000 28,000 3,600 1,900 50,000 Accounts receivable Prepaid rent Office supplies Office equipment Dividends Accounts payable Revenue received in advance Bank loan Share capital 2,300 4,500 80,000 30,000 60,000 Additional information: It was determined that there was $750 worth of Office Supplies on hand. The diminishing-value method (i.e. reducing balance method) is applied for depreciation of office equipment. Residual value is $1,000. The depreciation rate is 40%. Neither acquisition nor disposal of the office equipment had been incurred from the acquisition date (31st 20X1) to the end of the current year. The rent was paid on the 1st January 20X3 to cover a 3-year period. Revenue Received in Advance relates to a payment received on the 1st April 20x3 to perform services over the next ten (10) months. Services were performed by 10% each month to the client. Service revenue is required to be recognised based on the percentage of services completed. A Three-year Bank loan was acquired on 1st April 20x0. The bank loan accrues interest at the rate of 8% p.a. and accrued interests are paid at maturity, which has not been recorded. Required: 1) Prepare the required adjusting entries at 30th June 20x3. (7/14) 2) Prepare closing entries for the year ended at 30th June 20X3. (7/14)