Credit ABC Business Services Unadjusted Trial Balance December 31, 2018 Balance Account Title Debit Cash $20.000 Accounts Receivable 14,000 Equipment 50,000 Accumulated Depreciation - Equipment Accounts Payable Unearned Revenue Common Stock . Retained Earnings Dividends 5,000 Service Revenue Advertising Expense 4,000 Depreciation Expense - Equipment 8,000 Insurance Expense 4,500 Salaries Expense 15.000 Total $120,500 $17.500 10,000 9,000 30,000 5,000 49.000 $120.5.09 Adjustment data at December 31 follows: a. Depreciation for the equipment is $4,000. b. As of December 31, 2018, ABC had performed services for Wilson Company for $3,000. The invoice will be sent on January 5, 2019 and payment is due on January 15, 2019. c. On August 31, 2018, ABC agreed to provide consulting services to Allen Company for 6 months beginning on September 1, 2018, at $1,500 per month. Allen paid $9,000 on August 31, 2018. Burton treats deferred revenues initially as liabilities. ABC is preparing financial statements for the year ending December 31, 2018 Requirements 1. Journalize the adjusting entries on December 31, 2018 2. Calculate Net Income at December 31, 2018 3. Calculate the ending balance of retained earnings at December 31, 2018. 4. Calculate the balance for Long-Term Assets/Property Plant and Equipment at December 31, 2016. 5. Calculate the balance of Short-Term Liabilities at December 31, 2018. 6. Calculate the balance of Stockholders' Equity at December 31, 2018. 7. Calculate the balance of Total Assets at December 31, 2018