Total Pool Services earned $120,000 of service revenue dunng 2024. Of the $120,000 earned the business received $102,000 in cash The remaining amount, $18,000, was still owed by customers as of December 31 In addition, Total Pool Services incurred $88,000 of expenses during the year. As of December 31, $12,000 of the expenses still needed to be paid. In addition, Total Pool Services prepaid $9,000 cash in December 2024 for expenses incurred during the next year 1. Determine the amount of service revenue and expenses for 2024 using a cash basis accounting system, 2. Determine the amount of service revenue and expenses for 2024 using an accrual basis accounting system 1. Determine the amount of service revenue and expenses for 2024 using a cash basis accounting system Cash basis Service revenue Expenses 2. Determine the amount of service revenue and expenses for 2024 using an accrual basis accounting system Accrual basis Service revenue Expenses Lee Insurance Agency started the year with a beginning Lee, Capital balance of $25,000. During the year, Lee Insurance Agency earned $38,000 of Service Revenue and incurred $25,000 of various expenses Lee withdrew $8.000 from the business. After the closing entries are recorded and posted, what will be the balance of Lee, Capital? Post the beginning balance and closing entry amonts to the Capital account Use a "Bal" posting reference to show the beginning and ending balance of the Capital account. Use a "Clos." posting reference to show the amounts that are posted while closing the books The revenue and expense amounts should be combined into one closing entry for het income (like you are closing the Income Summary account) Lee, Capital