The following general ledger accounts and additional information are taken from the records of Wolfe Corporation at the end of its fiscal year, December 31, 2016. (28 marks, 7 marks each) Additional information: a. The prepaid insurance is for a one-year policy, effective July 1, 2016. b.A physical count indicated that $500 of supplies is still on hand. c. $50 of December rent expense has not been recorded. Unused Supplies 173 Cash Advertizing Exp. 610 101 wwwww Bal. 2,700 Bal 700 Bal 200 Share Capital Accounts Receivable110 Salaries Expense 656 320 Bal 4,500 Bal. 2,000 Bal 3,800 vwwww wwww wwwv Prepaid Insurance 161 Repair Revenue Rent Expense 450 654 Bal 7,750 Bal. 1,200 wwww Bal. 250 wwww wwww. Required 1. Record all necessary adjusting entries in general journal format including general ledger account numbers. Assume the following account numbers: Insurance Expense: 631; Supplies Expense: 668 2. Post the adjusting entries to T-accounts and calculate balances. 3. Prepare all closing entries in general journal format. Include general ledger account numbers 4. Post the closing entries to the applicable general ledger accounts