prepare the closing entry please

Instructions 1 Prepare the necessary adjusting entries at Dec. 31, 2020 2 Post the adjusting entries to the Ledger 3 Prepare an Adjusted Trial Balance a. 4 Prepare the Financial Statements Income Statement b. Statement of Owner's Equity Balance Sheet C. 5 Prepare the year-end closing entries Selected account balances BEFORE adjustment for Jack Sharko & Co. December 31, 2020 (end of the current year) are shown below: Debits Credits 71,000 84,500 160,100 18,700 520,000 367,300 32,300 22,000 5,500 35,000 86,000 887,000 Accounts receivable Accounts payable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Building Capital - Jack S (no investments in 2020) Cash Depreciation expense - Building Depreciation expense- - Equipment Drawing Equipment Fees earned Fees receivable Insurance expense Interest expense Interest income Interest payable Interest receivable Land Notes payable due March 31, 2022 Note receivable due May 31, 2021 Prepaid Insurance Rental income Salary expense Salaries payable Supplies Supplies expense Telephone expense Unearned rent 36,500 5,625 5,625 100,000 250,000 150,000 24,000 3,500 604,600 13,800 34,100 11,300 Utilities expense 17,500 42,500 1,794,225 1,794,225 Sharko accepted an 18%, $150,000 note receivable from LAMCO dated Dec. 2nd, 2020. b. Sharko issued a $250,000 @ 9% note payable dated Sept. 1, 2020 (interest has already been accrued for Sept., Oct. & Dec. 2020) C. On October 1st, 2020 Sharko received a $21,000 advance rental payment for the year beginning Oct. 1, 2020 and ending Sept. 30, 2021 d The company had $3,150 of supplies on hand at year-end e On August 1, 2020 $36,000 was paid for an annual insurance coverage commencing on that date. f. On Friday January 8, 2021 Wingnut employees were paid $24,000 for the TWO five-day work week then ended E Depreciation on the building for December 2020 was calculated to be $2,000 h. Depreciation on the equipment for December 2020 was calculated to be $500 Sharko had performed $3,800 of services as of the year-end which had not been recorded