Newbond Limited T Adjusted Trial Balance 30 June 2020 Account Debit Credit $ Accounts Payable 8,600 Accounts Receivable 24,300 Accumulated depreciation 9,300 Bank Loan 15,000 Cash 23,800 4,500 Depreciation expense Dividends paid Interest Expense 13,000 2,800 Motor Vehicles 25,000 Other income 11,200 12,9 Prepayments Rent Expense Retained Earnings - 1/7/19 18,000 10,000 Service Revenue 170,000 20,000 2,400 Share capital Supplies Supplies expense Utilities Expense Wages Expense 500 14,900 102,000 Total 244,100 244,100 Required (a) Prepare the closing entries for Newbond Limited for 30 June 2020. Note the above trial balance for Newbond Limited is nted in alphabetical order of account name. Journal narrations are not required. (6 marks) (b) Calculate the closing retained earnings balance to be included in the Statement of Financial Position (Balance Sheet) for Newbond Limited as at 30 June 2020. (2 marks) Explain how a post-closing trial balance is different from an adjusted trial balance. (2 marks)