journalize closing entries necessary to compute net incone or loss for the 2019 uear. explanations are not required.

Problem 4 Akita International Corporation has prepared the following set of general ledger accounts before making adjusting entries. 1. General Ledger Accounts: Cash $ Accounts Receivable 1/1 Beginning 5,610 18,900 1/1 Beginning 2,000 15,770 18,210 19,000 Office Supplies Inventory $ $ 1/1 Beginning 800 Equipment 1/1 Beginning 2,000 3,000 Land Accounts Payable 1/1 Beginning 3,700 4,1504,000 Beginning 1/1 3,000 Bank Borrowings Retained earnings 1,200 5,000 Beginning 1/1 1,000 ? Beginning 1/1 Common Stock 5,000 Beginning 1/1 Service Revenue $ Rent Income 19,000 1,440 6 Utilities Expense $ Salary Expense $ 7,750 3,300 Insurance Expense $ Interest Expense $ 2,250 250 2. Accounting Items that need adjusting entries on December 31, 2019 (1) The AIC took a physical count of the office supplies on December 31, 2019 and Found that the office supplies amounting to $700 were on hand. (2) The AIC acquired an equipment on January 1, 2019 at a cost of $2,000 and recorded it on the related account. The corporation decided to record depreciation with an estimated useful life of 8 years and a salvage value of zero. A straight line method is adopted. (3) The AIC paid the full amount $2,250 of insurance premium for one year's insuran in advance. Of that amount, $150 is regarded as a premium for the first three months of the next accounting period. (4) The AIC recognized a portion of employee salary, $330, that has not been paid but currently accrued. (5) The AIC received $1,440 rent in advance on March 1, 2019 (considering $120/month for rent) ance