The following trial balance was taken from the books of Fisk Corporation on December 31, 2007.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 furniture and 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 at December 31, $5,800.Instructions(a) Prepare the necessary adjusting entries.(b) Prepare the necessary closingentries.
The following trial balance was taken from the books of