The following information relates to TipTopTea for the year ended 30 June 2020. Accounts payable 82,500 Accounts receivable 7,500 Accumulated depreciation- Equipment 11,800 Bank Loan (due in 2025) 38,000 Capital 105,400 Cash at bank 186,400 Depreciation expense-Equipment 8,600 Drawings 4,000 Electricity expense 7,500 Equipment 180,000 Prepaid rent 16,500 Rent expense 32,000 Service revenue 282,600 Supplies 3,900 Unearned revenue 19,200 Wages expense 135,400 Wages payable 42,500 Required; Prepare the closing entries for TipTopTea as at 30 June 2020. Narrations are required. (5 marks)