Question Three: 20 marks (5 marks each): Presented below is an adjusted trial balance for Cowell Company, at December 31, 2017 Cash 10,700 Accounts payable 10,000 Accounts receivable 20,000 Notes payable 9,000 Prepaid insurance 15,000 Accumulated depreciation- Equipment 35,000 equipment 14,000 Depreciation expense 7,000 Service revenue 30,000 Dividends 1,500 Retained earnings 12,000 Advertising expense 1,400 Unearned service revenue 11,000 Rent expense 800 Share capital-ordinary 12,000 Salaries and wages expense 5,000 Insurance expense 1,600 98,000 98.000 Instructions: Post the closing entries to the retained earnings account, and determine the ending balance after the closing entries have been posted. Dr Retained Earnings Cr Jan. 1st Jan. 30