10. You learn that Acme completed a car detailing project for a major customer on December 31, 2019 but never invoiced its customer until January 4, 2020. The project earns Acme $10,000. You need to record the adjusting entry so that Acme's books reflect the income from the completion of the detailing project along with the related accounts receivable. Hint: Debit: Accounts Receivable Credit:? $10,000 Chapter 4 PART III - FILL IN THE PROPER ANSWER IN THE BLANKS 11. The revenue and expense accounts of a business are closed out into the Summary Account. 12. The Adjusted Trial Balance on a worksheet is then broken out wherein a portion of the debits and credits would go to the Statement Section and the other portion would go to the Sheet section 13. Set forth the components to the Statement of Owners Equity. Name as many as you can 14. In no more than 2-3 sentences, describe the purpose of preparing closing entries. 15. Ringo Starr is the owner of Ringo Ring Cleaners. He withdrew $20,000 during the year. In closing out this account at year end, what journal entry would you make to wipe out the balance so that the account restarts from zero for the following year