Credit $ 1,800 Part 2: The following trial balance was taken from the books of Fisk Corporation on December 31, 2018. Account Debit Cash $ 12.000 Accounts Receivable 40,000 Note Receivable 7,000 Allowance for Doubtful Accounts Merchandise Inventory 44,000 Prepaid Insurance 4,800 Furniture and Equipment 125,000 Accumulated Depreciation--F. & E. Accounts Payable Common Stock Retained Earnings Sales Cost of Goods Sold 111,000 Salaries Expense 50,000 Rent Expense 12,800 Totals $406,600 15,000 10,800 44,000 55,000 280,000 $406,600 At year end, the following items have not yet been recorded. 1. Insurance expired during the year, $2,000. 2. Estimated bad debts, 1% of gross sales. 3. Depreciation on furniture and equipment, 10% per year. 4. Interest at 6% is receivable on the note for one full year. 5. Rent paid in advance at December 31, $5,400 (originally charged to expense). 6. Accrued salaries at December 31, $5,800. Instructions (a) Prepare the necessary adjusting entries. (b) Prepare the necessary closing entries