General Journal Closing Entries, Capital and Statement of changes in Equity (11 marks) Below is the Adjusted Trial Balance for Lincoln Electricals as at 30 June 2020: Lincoln Electricals Trial Balance (Adjusted) As at 30 June 2020 Accounts Debits Credits Cash at bank 75,000 Accounts receivable 50,000 Equipment 250,000 Accumulated depreciation-Equipment 15,500 Accounts payable 40,000 Bank loan 65,600 Capital 190,000 Drawings 8,000 Service revenue 134,500 Wages expense 35,000 Rent expense 10,500 Insurance expense 2,100 Depreciation expense-Equipment 15,000 445,600 445,600 1. Prepare the closing entries for the business. Dates and narrations are required. (5 marks) 2. Calculate the ending balance of capital. (1 mark) 3. Prepare the Statement of Changes in Owner's Equity for the year ended 30 June 2020. Assume the owner did not make any contribution to the business for the year. (5 marks) Depreciation expense-Equipment 15,000 445,600 445,600 1. Prepare the closing entries for the business. Dates and narrations are required. (5 marks) 2. Calculate the ending balance of capital (1 mark) 3. Prepare the Statement of Changes in Owner's Equity for the year ended 30 June 2020. Assume the owner did not make any contribution to the business for the year. (5 marks) 1. Prepare the closing entries for the business. Dates and narrations are required. (5 marks) Date Accounts Debit Credit