Debit $ 9,000 Adjusting and Closing Entries (35 points) The following trial balance was taken from the books of Fisk Corporation on December 31, 2014. Account Cash Credit Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1.800 Inventory 44,000 Prepaid Insurance 4,800 Equipment 110,000 Accumulated Depreciation--Equip. Accounts Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold 126,000 Salaries and wages Expense 50,000 Rent Expense 12.800 Totals $406,600 15,000 10,800 44,000 75,000 260,000 $406,600 a At year end, the following items have not yet been recorded. Insurance expired during the year, $2,000. b. Estimated bad debt expense, 1% of gross sales. (The company uses an allowance account.) c. Depreciation on equipment, 10% per year. d. Interest at 6% is receivable on the note for one full year. Accrued salaries and wages at December 31, $5,800. Instructions (a) Prepare the necessary adjusting entries. (b) Prepare the necessary closing entries. (Be sure to use the adjusted amounts!) e