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Accounting Cycle Problem for Final Exam Using the transactions below, calculate the ending balance. (Hint: Use T accounts.) a. Opened business by investing $120,000 in no par common stock. b. Billed customer for service performed, $13,000. c. Paid for advertisements in advance, $2,800. d. Received telephone bill to be paid next month, $600. e. Owner declared and paid dividends $1,000.. f. Received $6,000 from customer billed in b. 9. Paid half of telephone bill, $300. h. Received $6,000 in advance of performing service. 1) What is your Total Asset balance? 2) What is your balance in Retained Earnings( after closing entries)? 3) What is your ending Cash balance? 4) What are your closing entries? Closing Entries: a b C Journal Entries: a b C d e f