Part A: (20 marks) The following is the adjusted trial balance for Synergy Company: Synergy Company Adjusted Trial Balance December 31 Cash 23,210 Accounts Receivable 6,600 Prepaid Expenses 5,500 Equipment 20,800 Accumulated Depreciation Accounts Payable Notes Payable Owner's capital Owner's withdrawals 9,740 Fees Earned Wages Expense 24,900 Rent Expense 9,800 Depreciation Expense 4,3001 Miscellaneous Expense 2.550 Totals 107,400 4,400 5,400 2,000 22,400 73,200 107,400 Required: 1. Prepare closing entries (without explanations) and the post-closing trial balance. 2. Explain why it is necessary to make closing entries at the end of an accounting period. (20 marks)