Q1. The adjusted trial balance columns of the worksheet for Porter Company are as follows: PORTER COMPANY Worksheet For the year ended December 31, 2010 Account No. Account Titles Adjusted Trial Balance Dr. Cr. 101 Cash 18,800 112 Accounts receivable 16,200 123 Supplies 2,300 130 Prepaid insurance 4,400 151 Office equipment 44,000 152 Accumulated depreciation - Office equipment 20,000 200 Notes payable 20,000 201 Accounts payable 8,000 212 Salaries payable 2,600 230 Interest payable 1,000 301 B Porter Capital 36,000 306 B Porter Drawing 12,000 400 Sales revenue 77,800 Advertising expense 12,000 631 Supplies expense 3,700 711 Depreciation expense 8,000 Insurance expense 4,000 Salaries expense 39,000 905 Interest expense 1,000 Total 165,400 165,400 Instructions: a. Prepare the closing entries from the above data. (3 marks) b. Prepare a classified balance sheet. (3 marks) 610 722 726