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Need help making sure I did this correctly ABC Corp. Balance Sheet As of December 31, 2010 Assets Liability Cash $6,000 Accounts Payable $3,000 Accounts

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ABC Corp. Balance Sheet As of December 31, 2010 Assets Liability Cash $6,000 Accounts Payable $3,000 Accounts Receivable $4,000 Stockholders' Equity Common Stock $3,000 Retained Earnings $4,000 Total Liability and Stockholders' Total Assets $10,000 Equity $10,000 1. On January 15', 2011, ABC Corp bought an equipment for $2,000. The equipment has a useful life of 5 years. 2. On August 15', 201 1, ABC Corp received $6,000 cash for services to be performed in the future. The service agreement is for a period of two years and the service will be performed evenly throughout the two-year period starting from August 13', 2011. 3. On December 315', 2011, ABC Corp pays $500 cash dividend to its stockholders. Please indicate whether an account is an asset (A), liability (L), or equity (E) for (1) journal entries, (2) adjusting entries, and (3) closing entries to receive full credits. Make journal entries for the above transactions. (2 points each) Prepare the unadjusted trial balance. (2 points) Make the appropriate adjusting entries at year end. (2 points each) Prepare the adjusted trial balance (2 points) Make the appropriate closing entries. Hint: close it directly to retained earnings. (1 point each)

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