The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2014:

Accounts payable	$ 18,000
Accounts receivable	11,000
Accumulated depreciation equipment	28,000
Advertising expense	21,000
Cash	15,000
Owners capital (1/1/14)	102,000
Owners drawings	14,000
Depreciation expense	12,000
Equipment	210,000
Insurance expense	3,000
Note payable, due 6/30/15	70,000
Patents	20,000
Prepaid insurance (12-month policy)	6,000
Rent expense	17,000
Salaries and wages expense	32,000
Service revenue	133,000
Supplies	4,000
Supplies expense	6,000

What is total liabilities and owners equity at December 31, 2014?

A lawyer collected $710 of legal fees in advance. He erroneously debited Cash for $170 and credited Accounts Receivable for $170. The correcting entry is

Cash........................................	710
Service Revenue......................	710

Cash........................................	540
Accounts Receivable..................	170
Unearned Service Revenue.......	710

Cash........................................	540
Accounts Receivable.................	540

Cash........................................	170
Accounts Receivable..................	540
Unearned Service Revenue.......	710