Background Information Karen just started his beauty clinic business named Karen Beauty Clinic at 1 June...

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Background Information Karen just started his beauty clinic business named Karen Beauty Clinic at 1 June 2020. Below is the adjusted trial balance at 30 June 2020. Karen Beauty Clinic Adjusted Trial Balance Acc No Account Name Debit ($) Credit ($) 101 Cash at bank 102 Accounts receivable 103 Prepaid rent 104 Prepaid insurance 105 Supplies on hand 111 Equipment 112 Accumulated Depreciation - Equipment 121 Motor Vehicle 122 Accumulated Depreciation - Motor Vehicle 201 Accounts payable 202 Interest payable 211 Bank loan 301 Capital, Alex 1 June 2020 10,000 150 11,000 4,500 800 6,000 100 3,000 3,000 600 19,000 16,000 302 Drawings 300 401 Service revenue 501 | Advertising expense 502 Utilities expense 503 Depreciation expense - equipment 504 Interest expense 505 Supplies expense 506 Insurance expense 507 Rent expense 450 200 800 100 600 200 500 1,000 39,150 39,150 Question 1 (30 Marks) Referring to the information above, please do the following: a. Make the necessary closing entries for the accounts. (7 Marks) b. Make the Income Statement and Statement of Changes in Equity for the year ended 30 June 2020 and Balance Sheet as at 30 June 2020 (including the correct title and classification, e.g. current & non-current). (18 Marks) Please pay attention on presentation and format (make the tables, etc) as there will be some marks allocated on those. (5 Marks) Background Information Karen just started his beauty clinic business named Karen Beauty Clinic at 1 June 2020. Below is the adjusted trial balance at 30 June 2020. Karen Beauty Clinic Adjusted Trial Balance Acc No Account Name Debit ($) Credit ($) 101 Cash at bank 102 Accounts receivable 103 Prepaid rent 104 Prepaid insurance 105 Supplies on hand 111 Equipment 112 Accumulated Depreciation - Equipment 121 Motor Vehicle 122 Accumulated Depreciation - Motor Vehicle 201 Accounts payable 202 Interest payable 211 Bank loan 301 Capital, Alex 1 June 2020 10,000 150 11,000 4,500 800 6,000 100 3,000 3,000 600 19,000 16,000 302 Drawings 300 401 Service revenue 501 | Advertising expense 502 Utilities expense 503 Depreciation expense - equipment 504 Interest expense 505 Supplies expense 506 Insurance expense 507 Rent expense 450 200 800 100 600 200 500 1,000 39,150 39,150 Question 1 (30 Marks) Referring to the information above, please do the following: a. Make the necessary closing entries for the accounts. (7 Marks) b. Make the Income Statement and Statement of Changes in Equity for the year ended 30 June 2020 and Balance Sheet as at 30 June 2020 (including the correct title and classification, e.g. current & non-current). (18 Marks) Please pay attention on presentation and format (make the tables, etc) as there will be some marks allocated on those. (5 Marks)