The following trial balance was taken from the books of Fisk Corporation on December 31, 2017. Account Debit Credit Cash $8,300 Accounts Receivable 38,200 Notes Receivable 12,700 Allowance for Doubtful Accounts $1,900 Inventory 44,400 Prepaid Insurance 4,000 Equipment 117,000 Accumulated Depreciation--Equip. 15,000 Accounts Payable 10,000 Common Stock 40,000 Retained Earnings 69,020 Sales Revenue 280,300 Cost of Goods Sold 126,600 Salaries and Wages Expense 52,490 Rent Expense 12,530 Totals $416,220 $416,220 At year end, the following items have not yet been recorded. a. Insurance expired during the year, $2,000. b. Estimated bad debts, 2% of gross sales. c. Depreciation on equipment, 10% per year on original cost. d. Interest at 4% is receivable on the note for one full year. e. Rent paid in advance at December 31, $5,350 (originally charged to expense). f. Accrued salaries and wages at December 31, $6,300.

Prepare the necessary adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit a. b. C. d. e. f. Prepare the necessary closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To close revenue accounts) (To close expense accounts) (To close net income / (loss)) Click if you would like to Show Work for this question: Open Show Work