The following trial balance was taken from the books of Fisk Corporation on December 31, 2014.

		Account	Debit	Credit
Cash			$ 9,000
Accounts Receivable			40,000
Notes Receivable			10,000
Allowance for Doubtful Accounts				$ 1,800
Inventory			44,000
Prepaid Insurance			4,800
Equipment			110,000
Accumulated Depreciation--Equip.				15,000
Accounts Payable				10,800
Common Stock				44,000
Retained Earnings				75,000
Sales Revenue				260,000
Cost of Goods Sold			126,000
Salaries and wages Expense			50,000
Rent Expense			12,800	________
	Totals		$406,600	$406,600

At year end, the following items have not yet been recorded.

a.	Insurance expired during the year, $3,000.
b.	Estimated bad debts, 1.5% of gross sales.
c.	Depreciation on equipment, 12% per year on original cost.
d.	Interest at 6% is receivable on the note for one full year.
*e.	Rent paid in advance at December 31, $6,500 (originally charged to expense).
f.	Accrued salaries and wages at December 31, $7,800.

Instructions

(a)	Prepare the necessary adjusting entries.
(b)	Prepare the necessary closing entries.