1) A company issues common stock for $20,000 cash. Record the transaction. 2) A company receives $6,500 cash in advance from customers for services to be provided next year. Record the transaction. 3) A company purchases new equipment for $24,000 cash on August 1, 2021. At the time of purchase, the equipment is expected to be used in operations for four years (48 months) and have no resale or scrap value at the end of the four years. The company depreciates the equipment evenly over the 48 months ($500/month). Record the adjusting entry for depreciation on December 31, 2021. 4) A company borrows $20,000 with 8% interest on October 1, 2021. This amount plus interest is due on September 30, 2022. Record the adjusting entry on December 31, 2021. 5) A company lends $30,000 with 10% interest on May 1, 2021. This amount plus interest is due on April 30, 2022. Record the adjusting entry on December 31, 2021. 6) The adjusted trial balance for China Tea Company at December 31, 2021 is presented below: Credit Debit $11,000 150,000 5,000 25,000 300,000 $135,000 20,000 4,000 1,000 Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable - due in two years Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Depreciation Expense Interest Expense Utilities Expense Totals 30,000 200,000 50,000 20,000 400,000 180,000 70,000 15,000 30,000 2.000 32,000 $840,000 $840,000 Prepare the closing entries for China Tea Company for the year ended December 31, 2021