1. Prepare adjusting entries to reflect the following transactions for ABC Ltd as at 30 June 2019:

1. The unadjusted trial balance of ABC Ltd at 30 June 2019 shows the balance of prepaid insurance as $5,040. The insurance policy is for 12 months, commencing 1 March 2019.
2. Wages of $2,320 owed at 30 June has not been recorded.

2. K&K Ltd prepared the following adjusted trial balance at 30 June. Prepare the closing entries at the end of June.
3. Narrations not required.

Trial Balance as at 30 June
Accounts	DR ($)	CR ($)
Cash at bank	6,200
Accounts receivable	4,800
Equipment	18,000
Accumulated depreciation - equipment		450
Accounts payable		860
Accrued expenses		4,320
Share capital		20,000
Retained earnings		2,370
Service revenue		17,600
Wages expense	12,400
Miscellaneous expenses	4,200
	45,600	45,600