the following trial balance was taken from the books of fisk corporation on decembe 384763

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.