Question 3(26marks)

The following is the adjusted trial balance as of December 31, 2019 of TAREK Photography:

Requirements:

1. Journalize the closing entries for TAREK Photography (10 Marks).
2. Compute the ending balance of Retained Earnings (after closing the entries) (2 mark).
3. Prepare post closing trial balance at December 31, 2019 (7 Marks).
4. Present the Assets section in a Classified Balance Sheet as on December 31, 2019 (7 Marks).

TAREK Photography

Adjusted Trial Balance

December 31, 2019

Account	Debit	Credit
Cash	$10,500
Accounts Receivable	9,500
Supplies	700
Equipment	9,500
Accumulated DepreciationEquipment		$3,000
Accounts Payable		1,100
Salaries Payable		700
Unearned Revenue		500
Common Stock		4,500
Dividends	1,800
Service Revenue		45,000
Salaries Expense	20,000
Supplies Expense	1,600
Depreciation ExpenseEquipment	1,200	______
Total	$54,800	$54,800