The following trial balance was taken from the books of Fisk Corporation on December 31, 2015. Account Cash Accounts Receivable Note Receivable Allowance for Doubtful Accounts Inventory Prepaid Rent Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Share Capital-Ordinary Retained Earnings Sales Revenue Cost of Goods Sold Salaries and Wages Expense Totals 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 5% is receivable on the note for one full year. e. Rent paid in advance at December 31, $5,400. f. Accrued salaries and wages at December 31, $5,800. Instructions (a) Prepare the necessary adjusting entries. (b) Prepare the necessary closing entries. Debit $ 12,000 Credit 40,000 7,000 $ 1,800 44,000 12,800 4,800 105,000 15,000 10,800 44,000 55,000 260,000 111,000 50,000 $386,600 $386,600