The following adjusted trial balance for Canadian Music School 1. Prepare the closing entries for December 31, 2019. 2. Post the closing entries. 3. Prepare the post-closing trial balance at December 31, 2019 Canadian Piano School Adjusted Trial Bal ce Credit Debit $ 7,000 3,000 31,000 $27.000 700 17,200 Cash............ Accounts receivable Piano. Accumulated depreciation, piano Salaries payable........ Melodie Martin, capital Melodie Martin, withdrawals Teaching revenue...... Salaries expense. Depreciation expense, piano.... Utilities expense... 2,300 38.000 30.000 5,000 4,600 $82.900 $82,900 Totals 1. Assume you have a worksheet which will be used to prepare financial statements. You see in this worksheet that there is no depreciation adjustment, yet you own a large amount of equipment. Does the absence of a depreciation adjustment should worry you? Explain in your words why or why not. 2. You are analyzing the financial condition of a company to assess its ability to meet upcoming loan payments. You calculate its current ratio as 1.2. You also find that a major portion of accounts receivable is due from one client who has not made any payments in the past 12 months. Remov- ing this receivable from current assets lowers the current ratio to 0.7. What do you conclude