The following trial balance was taken from the books of ABC Corporation on December 31, 2020 before any adjustments were made. Account Debit Credit Cash $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 34,000 Prepaid Insurance 4,800 Equipment 100,000 Accumulated Depreciation--Equip. 15,000 Accounts Payable 10,800 Common Stock 46,000 Retained Earnings 55,000 Sales Revenue 260,000 Cost of Goods Sold 126,000 Salaries and Wages Expense 50,000 Prepaid Rent 12,000 Dividends 2,800 Totals $388,600 $388,600 At year end, the following items have not yet been recorded. a. Insurance expired during the year, $2,000. b. Estimated bad debts, 1% of gross sales. c. Depreciation on equipment, 10% per year on original cost. d. Interest at 6% is receivable on the note for 6 months. e. 1-year rent was paid in advance at September 1, 2020. f. Accrued salaries and wages at December 31, $5,800. Required: (a) Prepare the necessary adjusting entries. (b)Prepare the necessary closing entries