RC Company has the following Adjusted Trial Balance by end of December 2019 ABM Company Adjusted Trial Balance December 31, 2019 Account Name Debit Credit Cash 55,000 Account Receivable 47,000 Supplies 6,000 Equipment 5,400 Accounts Payable 15,000 Capital Stocks 50,000 Sales Revenue 90,000 Dividends 3,000 Salaries Expense 12,000 Rent Expense 24,000 Insurance Expense 2,000 Depreciation Expense 600 Totals 155,000 155,000 Requirement: 1- Prepare the Balance Sheet and Income Statement (15 points) 2- Post the closing journal entries. (25 points) Part 2: Adjusting Entries Advance Corporation has the following transactions that require adjustments for December, 2019. On November 30, 2019 Advance Co. Received $2,400 in advance for a work to be performed on December 2, 2019.The company provided the service on December 2,2019 as promised. Requirement: Journalize the both transaction for: a. November 30,2019 when the company received the payment for the service they would provide on a future date. (7 points) b. December 2,2019 when the company provided the service. (8 points)