Student Name: Student ID: ACCT201- Financial Statement Assignment (FSA) Instructions: The aim of this assignment is to demonstrate the student's ability to communicate financial information. It must be completed for submission on Thursday 24 October 2019. No credit given for work submitted late. 5 marks will be allocated for successful completion of this assignment. The task: The adjusted trial balance for Sharjah Construction as of December 31, 2015, follows SHARJAH CONSTRUCTION Adjusted Trial Balance December 31, 2015 No Account Title Debit Credit 101 Cash 6.500 104 Short-term investments 126 Supplies 128 Prepaid Insurance 7.100 167 Equipment 45,000 168 Accumulated depreciation Equipment 22.500 173 Building 159.000 174 Accurnulated depreciation Building 53,000 183 Land 76,290 201 Accounts payable 17.500 2 900 203 Interest payable 208 Rent payable 3.700 210 Wages payable 2.700 800 213 Property taxes payable 233 Unearned professional fees 251 Long term notes payable 69.500 301 O Sharjah, Capital 132 300 302 O. Sharjah, Withdrawals 12,700 401 Professional fees earned 103 000 406 Rent eamed 15.000 407 Dividends earned 2,800 409 Interest earned 2.200 606 Depreciation expense Building 11.660 612 Depreciation expense Equipment 6.750 623 Wages expense 30.500 633 Interest expense 3.600 637 Insurance expense 8.600 640 Rent expense 10.200 652 Supplies expense 5.600 682 Postage expense 3.300 683 Property taxes expense 4,500 684 Repairs expense 6.500 688 Telephone expense 1,900 690 Utilities expense 3,200 Totals $ 435 700 5.435,700 O Sharjah invested $6,500 cash in the business during year 2015 (the December 31, 2014, credit balance of the O. Sharjah, Capital account was $125,800) Sharjah Construction is required to make a $7,500 payment on its long-term notes payable during 2016. Required: Student Name:.... Student ID: ........ 4- Prepare the necessary closing entries at December 31, 2015