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P44 Prepare closing entries and financial statements. The December 31, 2014 balance sheet for Morrison Home Services is summarized below. Assets Cash Receivable Long-term assets $10,000 4,000 10,000 Liabilities and Shareholders' Equity Liabilities $ 6,000 Contributed capital 10,000 Retained earnings 8,000 Total liabilities and shareholders' equity $24,000 Total assets $24,000 January 2015 transactions: 1. Services were performed for $7,000 each. 2. $3,000 cash was received from customers on outstanding accounts receivable. 3. $3,000 cash was paid for outstanding liabilities. 4. Long-term assets were purchased in exchange for $6,000 note payable. 5. Expenses of $4,000 were paid in cash. 6. A dividend of $800 was issued to the owners