1. Closing Entries (13 points) The partial adjusted trial balance of Wallace Company is shown below: WALLACE COMPANY Trial Balance (Partial) December 31,2020 Debit Credit $ 37,750 $ 7,200 31,600 Webber, Capital Webber, Withdrawal Plumbing Fees Earned Depreciation Expense Salaries Expense Rent Expense Miscellaneous Expense 2,100 10,800 6,000 3,850 Requirements: (a) Prepare closing entries (use REID). Entries must be complete with explanation. (b) Calculate the account balance of WALLACE, Capital on December 31, 2020 after the closing process. 8