Q1. The following accounts reflect the business activity of ABC General Partnership as of Dec.31, 2020. ACCOUNTS BALANCES ACCOUNTS BALANCES Cash 16.000 Unearned Rev. 20.000 Accounts Rec. 8.600 Capital 150.000 Supplies 18.800 Drawings 32.000 Prepaid Insurance 12.400 Sales 100.000 Goods 85.000 Service Rev. 30.000 Equipment 43.000 Wages Exp. 40.000 Building 100.000 Interest Exp. 2.500 Accum. Depreciat. 40.500 Rent Exp. 25.500 Accounts Pay. 9.600 Repair Exp. 4.500 L/T Notes Pay. 40.000 Utilities Exp. 1.800 The following information is available for making adjusting entries: 1. Supplies on hand had a cost of $ 5.000. 2. Goods on hand had a cost of $ 34.000. 3. The cost of expired insurance for the year is $ 8.000. 4. Equipment is subject to 10% depreciation. (use monthly figure) 5. Building is subject to 3% depreciation. (use monthly figure) 6. The December utilities expense was not included in the trial balance because the bill arrived after it was prepared. Its $800 amount needs to be recorded. 7. The company employees have earned $ 3.500 of accrued wages. 8. An analysis of unearned revenue shows that $12.000 earned in December. 1. Journalize the appropriate adjusting and closing entries. 2. Prepare multiple-step Income Statement. 3. Prepare classified Balance Sheet