Question 3: A) At the end of every accounting period, the company discloses their results to the general public in the form of annual report. Temporary accounts are closed and the relative amounts are transferred to permanents accounts. You are required to; Highlight all those accounts which are closed and explain why we close those accounts? Also nominate those accounts where the amounts will be transferred? 3150 300 (4 Marks, Word Limit 100-150) B) Given the adjusted trial balance below, you are required to pass closing entries along with proper explanation of the entry. Marketing Consulting Services Adjusted Trial Balance December 31, 2017 Accounts Debit Credit Cash 24550 Consulting fce receivables 11700 Prepaid office rent Prepaid dues and subscription 150 Supplies Equipment 18000 Accumulated Depreciation Equipment Notes Payable 2500 Income tax payable 6000 Uncarned consulting fee 2975 Capital stock 15000 Retained caming 16350 Dividend 30000 Consulting fee earned 128590 Salaries expense 44410 Telephone expense 1275 Rent expense 11000 Income tax expense 25500 Dues & Subscription expense Supplies expense Depreciation expense: equipment 3300 Miscellancous expense 2100 176515 176515 5100 280 800 Total