Question 1 (30 Marks) The trial balance shown below summarises the year's activities for George Medical Practice Pty Ltd as at 30 June, 2020. GEORGE MEDICAL PRACTICE PTY LTD Unadjusted Trial Balance as at 30 June 2020 Credit Debit $ 5 600 56 000 142 000 8 000 520 000 Account Cash at bank Accounts receivable Medical supplies Office supplies Equipment Accumulated depreciation Accounts payable Investments Share Capital Retained Earnings Fees revenue Rent expense Office expense Wages expense General expense 165 000 20 000 120 000 237 600 120 000 610 000 65 000 27 000 142 000 67 000 $1 152 600 $1 152 600 on hand. The following additional information should be considered: 1. Inventory of Medical supplies on hand at 30 June, 2020 is $16 400 and $2400 office supplies are 2. Depreciate equipment at the rate of 15% p.a. on cost (5520 000). 3. Rent of $5000 has been paid in advance and has been debited to rent expense. 4. Wages earned by the Medical assistants but not paid, S1620. Required (a) Prepare a 10-column worksheet for the year ended 30 June 2020. Explain why adjusting entries are needed-use an example from the above. (15 marks) (b) Journalise the closing entries. (6 marks) (c) Prepare a statement of changes in equity. (5 marks) (d) Journalise and explain why the reversing entries are (if any) may be made. (4 marks)