Phoebe Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. Phoebe Company Adjusted Trial Balance July 31, 2020 No. Account Titles Debit Credit 101 Cash $9,840 112 Accounts Receivable 8,780 157 Equipment 15,900 158 Accumulated DepreciationEquip. $7,400 201 Accounts Payable 4,220 208 Unearned Rent Revenue 1,800 301 Owner's Capital 45,200 306 Owner's Drawings 16,000 400 Service Revenue 64,000 429 Rent Revenue 6,500 711 Depreciation Expense 8,000 726 Salaries and Wages Expense 55,700 732 Utilities Expense 14,900 $129,120 $129,120 Instructions: a. Prepare the closing entries using page J15. b. Make a T account of Income summary and Owner's Capital, show the ending balance