Short comprehensive problem including both adjusting and closing entries brushstroke art studio Inc. provides quality instruction to aspiring artists the business adjust its accounts monthly but performs closing entries annually on December $31$ this is the studios unadjusted trial balance dated December $31$ current year cash $22,380$ client fees receivable $71,250$ supplies $6000$ prepaid studio rent $2500$ studio equipment $96,000$ accumulated depreciation studio equipment $52,000$ accounts payable $6400$ note payable $24,000$ interest payable $480$ honor and client fees $8000$ income taxes payable $5000$ stock $50,000$ retained earnings $20,000$ client fees earned $82,310$ supplies expense $4000$ salary expense $17,250$ interest expense $480$ studio rent expense $11,250$ utilities expense $3300$ depreciation expense studio equipment $8800$ income tax expense $5000248,210$ other data supplies on hand at December $31$ current year total $1000$ studio pays rent quarterly every three months the last payment was made November one current year the next payment will be made early in February next year studio equipment has been depreciated over $120$ months $10$ years on October one current year the studio borrowed $24,000$ by signing a $12$ month $12\%$ no payable the entire amount plus interest is due on September $30$ next year at December $31$ current year $3000$ previous on earned client fees have been earned accrued but on recorded and collected client fees earned total $690$ at December $31$ current year but un recorded and unpaid salary expense totals $750$ at December $31$ current year accrued income tax expense for the entire year ending December $31$ current year total $7000$ the full amount is due early next year prepare the necessary adjusting journal entries on December $31$ current year prepare also an adjusted trial balance dated December $31$ current year from the adjusted trial balance prepared in part a prepared income statement and statement of earnings for the year and December $31$ current year also prepare the companies balance she dated December one current year prepare the necessary and closing entries prepare and after closing trial balance