Cash Marketable securities Accounts Supplies receivable Prepaid insurance Equipment Accumulated depreciation Accounts payable Salaries payable Unearned rent revenue Note payable Common stock Retained earnings Dividends Rent revenue Rent expense Insurance expense Utilities expense Miscellaneous expense Total The University of the West Indies Samara Inc. Trial Balance June 30, 20x9 Page 2 DR $73,180 8.095 4.632 % 2.400 27,250 8,100 1,335 465 36,000 75,000 10,000 17,433 1,250 240 10,964 7,105 12.545 360 $148.473 $148.573 TURN OVER Samara Inc. provides you with the following information for the year ended June 30, 20x9. The bookkeeper is new and has come from a small company that used "cash accounting method to record all financial transactions. The company adjusts the accounts annually. However, the accountant has overlooked the following: On June 30, 20x9, a count of the supplies on hand revealed that only $210 worth of supplies were remaining. Insurance premiums of $2,400 were paid on December 31, 20x8 for a 12-month policy effective January 1, 20x9. The prepaid insurance account was debited for the $2,400 at the time of payment The company leases part of its premises to a tenant. On April 1,20x9 the tenant paid Samara Inc. $36,000 for rent covering the period Apr 1, 20x9 to March 31, 20x10. Samara Inc.'s Equipment is depreciated straight-line over a ten-year period. This equipment was purchased in September 20x7. On January 1, 20x9, Samara Inc. borrowed $75,000 from the bank. The terms of the loan were as follows: The loan is to be repaid July 1, 2013 and interest is paid semi- annually at a rate of 4% per year on the original principal Required: a) Prepare the adjusting journal entries for Samara Inc. as at June 30, 20x9 b) Prepare the Income Statement for Samara Inc. for the period ended June 30, 20x9 c) Prepare the classified Balance Sheet for Samara Inc. as at June 30, 20x9 d) Prepare the closing entries for Samara Inc. as at June 30, 20x9