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3. ABC Company is preparing a worksheet. ABC's Adjusted Trial Balance accounts are as follows: Required: As an Accounting student, explain to ABC how the company should extend the following adjusted trial balance accounts to the financial statement columns (Income Statement and balance Sheet) of the worksheet. Service revenue$ 10,000, Notes payable $ 2,000, Capital $ 20,000, Accounts receivable $ 5,000, Accumulated depreciation $ 2,000, Utilities expenses $ 1,000, Drawings $ 500, Net loss $ 2,000, Equipment $ 5,000, Copyrights $3,000. 4. On December 31, the adjusted trial balance of XYZ Company shows the following selected data. Accounts Receivable $24,500 Service Revenue $92,500 Interest Expense 7,700 Interest Payable 2,200 Analysis shows that adjusting entries were made to (1) accrue $5,000 of service revenue and (2) accrue $2,200 interest expense. Required: Prepare the closing entries for the temporary accounts shown above at December 31