The following trial balance was taken from the books of Fisk Corporation on December 31, 2012. Account --------------------------------- Debit -----------------------Credit Cash ------------------------------------$ 9,000DR Accounts Receivable -----------------40,000DR Notes Receivable-----------------------10,000DR Allowance for Doubtful Account-------1,800DR Inventory-----------------------------------44,000DR Prepaid Insurance-----------------------4,800DR Equipment-------------------------------110,000DR Accumulated Depreciation--Equip---15,000DR Accounts Payable----------------------------------------------------10,800CR Common Stock---------------------------------------------------------44,000CR Retained Earnings----------------------------------------------------75,000CR Sales Revenue--------------------------------------------------------260,000CR Cost of Goods Sold-----------------------126,000DR Salaries and wages Expense------------50,000DR Rent Expense---------------------------------12,800 DR Totals -------------------------------------$406,600DR ------------------ $406,600CR 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. d. Interest at 6% is receivable on the note for one full year. *e. Rent paid in advance at December 31, $5,400 (originally charged to expense). f. Accrued salaries and wages at December 31, $5,800. Instructions (a) Prepare the necessary adjusting entries. (b) Prepare the necessary closing entries