PREPARE THE CLOSING ENTRIES

ANSWER ALL QUESTIONS QUESTION ONE (50 MARKS) (SUGGESTED TIME: 65 MINUTES) HAME Corporation's June 30 adjusted trial balance is shown below. Account Name Debits Credits $5,930 6,800 400 600 750 Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Accounts Payable Salaries Payable Income Taxes Payable Capital Drawings Service Revenue Salaries Expense Rent Expense Insurance Expense Supplies Expense Income Taxes Expense Totals 590 70 500 12,700 310 3,000 900 300 250 120 500 $16,860 $16,860