Chapter Four Exercise #1: Closing Entries. Okabe Company ended its fiscal year on July 31, 2019. The companys adjusted trial balance as of the end of its fiscal year is shown below. OKABE COMPANY Adjusted Trial Balance July 31, 2017 No. Account Titles 101 Cash $ 9,840 (Dr.) 112 Accounts Receivable 8,780 (Dr.) 157 Equipment 15,900 (Dr.) 158 Accumulated DepreciationEquip. $ 7,400 (Cr.) 201 Accounts Payable 4,220 (Cr.) 208 Unearned Rent Revenue 1,800 (Cr.) 301 Owners Capital 45,200 (Cr.) 306 Owners Drawings 16,000 (Dr.) 400 Service Revenue 64,000 (Cr.) 429 Rent Revenue 6,500 (Cr.) 711 Depreciation Expense 8,000 (Dr.) 726 Salaries and Wages Expense 55,700 (Dr.) 732 Utilities Expense 14,900 (Dr.) Instructions: Prepare the closing entries. Chapter Four Exercise #2: Create Financial Statements from Adjusted Trial Balance THAO COMPANY Worksheet For the Year Ended December 31, 2020 Adjusted Account Trial Balance No. Account Titles 101 Cash 5,300 (Dr.) 112 Accounts Receivable 10,800 (Dr.) 126 Supplies 1,500 (Dr.) 130 Prepaid Insurance 2,000 (Dr.) 157 Equipment 27,000 (Dr.) 158 Accumulated DepreciationEquipment 5,600 (Cr.) 200 Notes Payable 15,000 (Cr.) 201 Accounts Payable 6,100 (Cr.) 212 Salaries and Wages Payable 2,400 (Cr.) 230 Interest Payable 600 (Cr.) 301 Owners Capital 13,000 (Cr.) 306 Owners Drawings 7,000 (Dr.) 400 Service Revenue 61,000 (Cr.) 610 Advertising Expense 8,400 (Dr.) 631 Supplies Expense 4,000 (Dr.) 711 Depreciation Expense 5,600 (Dr.) 722 Insurance Expense 3,500 (Dr.) 726 Salaries and Wages Expense 28,000 (Dr.) 905 Interest Expense 600 (Dr.) Totals 103,700 (Dr.) 103,700 (Cr.) Instructions (a) Prepare an income statement, owners equity statement, and a classified balance sheet. (Note: $5,000 of the notes payable become due in 2021) D. Thao did not make any additional investments in the business during the year. (b) Prepare the closing entries. Chapter Four Exercise #3 List all major steps in completing an accounting cycle.