1. Closing Process: a. Using the attached T-account template, labeled No. la: Document the trial balance below. Be sure to place. each account beneath the proper balance sheet category. Label each item "B" for balance. Then, prepare the closing entries. Use an "income summary" account for the closing process. b. Using the attached schedule labeled No. 1 b prepare a post-closing trial balance. You are encouraged, but not required, to use an Excel spreadsheet. If you do, copy & paste it on the page provided. ABC Company Pre-closing Trial Balance June 30, 2020 Cash Accounts receivable debit 140,060 975 credit Prepaid Insurance 500 Equipment 2,400 Accounts payable 650 Unearned revenue Common stock 3,000 130,000 Retained earnings 7,500 Dividends 4,000 Revenues 17,225 Rent expense 6,000 Salaries expense 1,600 Insurance Expense 1,150 Utilities expense 890 Internet & website expense 800 158,375 158,375