Problem 5 (10 marks)

Below is Home Health Foods Ltd trial balance at December 31, 20207, is shown below.

Home Health Foods Ltd

Trial Balance

December 31, 2020

DebitCredit

Cash$16,400

Accounts receivable2,500

Prepaid insurance3,400

Prepaid rent6,500

Supplies3,700

Equipment27,500

Accumulated depreciation-equipment$10,200

Furniture15,000

Accumulated depreciation-furniture7,600

Accounts payable5,400

Salary payable 1,400

Unearned revenue6,500

Common shares20,600

Retained earnings15,800

Dividends3,000

Fees earned28,900

Salary expense 4,900

Depreciation expense-equipment3,800

Depreciation expense-furniture2,500

Rent expense4,800

Insurance expense1,200

Supplies expense500

Advertising expense700________

$96,400$96,400

1- Using the above trial balance of Home Health Foods Ltd,Prepare closing journal entries for December 31, 2020. (10 marks)