A dog training business began on December 1 . The following transactions occurred during its first month. Decenber 1 Receives $35,000 cash as an omner investment in exchange for comon stock. December 2 Pays $7,800 cash for equipment. December 3 Pays $4,500 cash (insurance prenium) for a 12 -month insurance policy. Coverage began on Decenber 1. Decenber 4 Pays $1,300 cash for Decenber rent expense. Decenber 7 provides ali-day training services for a large group and innediately collects $1,85e cash. Decenber 8 pays $275 cash in wages for part-time help. Decenber 9 provides training services for $2,700 and rents training equipment for $758. The custoner is bitled $3,450 for these services. December 19 Receives $3,450 cash fron the custoner billed on Dec. 9. December 26 Purchases $2,150 of supplies on credit from a supplier. Decenber 23 Receives $1,900 cash in advance of providing a 4 -week training service to a custoner. Decenber 29 Pays 51,375 cash as a partial paynent toward the accounts payable of Dec. 20. Decenber 30 oistributed a $575 cash dividend to the owner. Information for month-end adjustments follows: December 31 One month of the 12 -month, $4,509 insurance policy is expired by Decenber 32 . This teares $4,125 not yet expired. Decenber 31 A physical count of supplies on Decenber 31 shows that only $1,275 of supplies reeain of the $2,150 supplies purchased. Decenber 31 The $7,808 of equipment purchased at the beginning of Decenber has a useful life of 5 years and will be worth nothing of the end of 5 years ( 60 months). The business uses straight-line depreciation to allocate the $7,800 net cost over 60 nonths. On Decenber 31,1 mont of depreciation must be recorded. Decenber 31 The business agreed on Decenber 23 to provide a 4 -week training service to a custoser for a fixed fee of $1,900 paid in advance. By Decenber 31 , the business has provided 1 of the 4 weeks of services and earned one-fourth of the fee. No revenue is yet recorded. Decenber 31 On Decenber 31 , wages of $675 are owed to a part-time enployee for work done over the past 3 weeks. Those wages are not yet paid or recorded. December 31 The business agreed to provide 6 weeks of training services to a custoner for a fee of $4,650, or $775 per week. The custoner agrees to pay the futl $4,650 at the end of 6 weeks when services are conplete. By Decenber 31,2 weeks of services have been provided, but the business has not yet billed the custorer or recorded the 2 weeks of services provided