Q2. Silzanko provides gymnastics lessons to various clients. The business adjusts its accounts monthly, but performs closing entries annually on December 31. This is the studio's unadjusted trial balance dated December 31, 2011. $8,700 4,400 1,950 134,500 $86,700 Silzanko Company Unadjusted Trial Balance December 31, 2011 Cash Prepaid Insurance Supplies Building Accumulated Depreciation-Building Accounts Receivable Land Equipment Accumulated Depreciation-Equipment Accounts Payable Dividends Retained Earnings Capital Stock Unearned Revenue Fees Earned Repairs Expense Miscellaneous Expense 20,600 45,000 80,100 61,300 7,500 8,000 54,000 15,300 6,000 199,400 11,500 4,050 Advertising Expense Utilities Expense Salaries and Wages Expense Other Data 18,000 23,200 70,200 a. b. c. d. Supplies on hand at December 31 $400 Unexpired insurance at December 31 $1,500 Depreciation of building for the month Dec 31 $1,750 Depreciation of equipment for the month $5,800 Accrued salaries and wages at December 31 $2,300 Revenue unearned at December 31 $2,000 Fees earned but unbilled on December 31 $4,850 e. f. g. Instructions a. Prepare the necessary adjusting journal entries on December 31, 2011. Prepare also an adjusted trial balance dated December 31, 2011. (10 marks) b. From the adjusted trial balance prepared in part a, prepare an income statement and statement of retained earnings for the year ended December 31, 2011. Also prepare the company's balance sheet dated December 31, 2011. (10 marks) c. Prepare Closing entries