Section 1 (5 Marks) [CLO 2] Questions: _(5 marks) DTD Company ended its fiscal year on December 31 2019. The company's adjusted trial balance as of the end of its fiscal year is as shown below. No Account title Debit Credit 101 Cash 872000 112 Accounts Receivable 496000 157 Equipment 848000 167 Accumulated Depreciation - Equip 432000 201 Accounts Payable 224000 208 Unearned revenues 96000 301 Owner's capital 2556000 306 Owner's drawings 960000 404 Service revenues 3392000 429 rent revenues 488000 711 Depreciation expense 216000 720 Salaries and wages expense 2968000 732 Utilities expense 808000 7168000 7168000 Instructions: a) Prepare closing entries in general Journal on 31st of December 2019 (2marks) Date Account title No Debit Credit 31/12 20191 37122019 3112 2019 3112 2019 Signature Date b) post to Owner's capital and No. 350 Income summary (2 marks) II C) Prepare post-closing trial balance (1 mark) Section 2 (5 Marks) [CLO 3] a) At what value noncash assets should be recorded in a partnership (1 mark)? b) D. Rayyan and P. Wafa combine their proprietorships to start a partnership named D.P. Software. Rayyan and Wafa have the following assets prior to the formation of the partnership Book Value Fair Value D. P. Wafa D. P. Wafa Rayyan Rayyan cash $1,600 $1,800 $1,600 $1,800 equipment $1,000 SO $700 $0 Accumulated depreciation- equipment ($300) $0 $0 $0 Accounts Receivables $0 $800 $0 $800 Allowance for doubtful accounts $0 ($110) $0 ($200) $2,600 $2,490 $2,300 $2,400 Prepare the entry to record the investment of D. Rayyan (2 marks) Prepare the entry to record the investment of P. Wafa (2 marks)