Wan Amin Workshop just completed operations for the year ending December 31, 2020. Accounts from the adjusted trial balance dated December 31, 2020 are listed in alphabetical order below:

	Balance
	Debit	Credit
Accounts Payable		RM 15,000
Accounts Receivable	RM 16,000
Accumulated Depreciation - Equipment		32,000
Cash	25,000
Depreciation Expense - Equipment	10,000
Equipment	65,000
Insurance Expense	4,000
Interest Expense	3,000
Notes Payable (due March 31, 2020)		10,000
Office Supplies	4,000
Office Supplies Expense	1,000
Prepaid Insurance	10,000
Salaries Expense	15,000
Salaries Payable		5,000
Service Revenue		50,000
Unearned Revenue (short-term)		8,000
Utilities Expense	4,000
Wan Amin, Capital, December 31, 2017		42,000
Wan Amin, Withdrawals	5,000	________
Totals	RM 162,000	RM 162,000

Requirements:

1. Prepare the closing entries. Ignore explanations.

(5 Marks)

2. Prepare, in good form, the income statement, statement of owner's equity, and balance sheet. There were no new capital contributions during the year.