Exercise 4-8 Closing entries LO2.3 Improv Club (IC) features entertaining improvisational theatre performances. The theatre features a range of shows and talented performers. IC prepares financial statements on an annual basis. The following year-end accounts as of December 31, 2017 are listed in alphabetical order and have norma balances Accumulated depreciation, equipment Cash Depreciation expanse. equipment. Equipment Insurance expense . 13.000 Propaid insurance.$ 6.500 61.000 42.000 4,000 8,600 Rent expense Salaries expense Supplies Supplies axpense Ticket revenue Unearned rovonue 46,000 3,000 Nick Stilz, withdrawals.... . 131.000 4.000 43,000 Click here for a description of List: Exercise 4-8. Required 1. Prepare an adjusted trial balance as at December 31, 2017. Will Nick Stilz's capital account of $110,100 appear on the balance sheet as at December 31, 2017? Explain. 2. Prepare the closing entries for the company 3. What is the ending balance of Nick Stilz's capital account as at December 31, 2017