Exercise 48 Closing entries LO2, 3 Improv Club (IC) features entertaining improvisational theatre performances. The theatre features aning of shows and talented performers. IC prepares financial statements on an annual basis. The following year end accounts as of December 31, 2020 are listed in alphabetical onder and have normal balances AC Prepadu Punt expense S DOO De equipment Equo 5 11000 40.000 4.000 46,000 1.000 110,100 42.000 Supplies Supplier expense Ticket . 13. CO Nick Stea Required 1. Prepare an adjusted trial balance as at December 31, 2020. Will Nick Sila's capital account of $110.100 appear on the balance sheet as at December 31, 20207 Explain 2. Prepare the closing entries for the company. 2. What is the ending balance of Nick Stila's capital accounts at December 31, 2020 219