A dog training business began on December $1.$ The following transactions occurred during its first month.

December $1$ Receives $$29,000$ cash as an owner investment in exchange for common stock.

December $2$ Pays $$7,080$ cash for equipment.

December $3$ Pays $$4,140$ cash $($insurance premium$)$ for a $12-$month insurance policy. Coverage began on December $1.$

December $4$ Pays $$1,180$ cash for December rent expense.

December $7$ Provides all$-$day training services for a large group and immediately collects $$1,550$ cash.

December $8$ Pays $$245$ cash in wages for part$-$time help.

December $9$ Provides training services for $$2,580$ and rents training equipment for $$690.$ The customer is billed $$3,270$ for these

services.

December $19$ Receives $$3,270$ cash from the customer billed on Dec. $9.$

December $20$ Purchases $$2,090$ of supplies on credit from a supplier.

December $23$ Receives $$1,780$ cash in advance of providing a $4-$week training service to a customer.

December $29$ Pays $$1,345$ cash as a partial payment toward the accounts payable of Dec. $20.$

December $30$ Distributed a $$545$ cash dividend to the owner.

Information for month$-$end adjustments follows:

December $31$ One month of the $12-$month, $$4,140$ insurance policy is expired by December $31.$ This leaves $$3,795$ not yet expired.

December $31$ A physical count of supplies on December $31$ shows that only $$1,245$ of supplies remain of the $$2,090$ supplies purchased.

December $31$ The $$7,080$ of equipment purchased at the beginning of December has a useful life of $5$ years and will be worth nothing

at the end of $5$ years $(60$ months$).$ The business uses straight$-$line depreciation to allocate the $$7,080$ net cost over $60$

months. On December $31,1$ month of depreciation must be recorded.

December $31$ The business agreed on December $23$ to provide a $4-$week training service to a customer for a fixed fee of $$1,780$ paid in

advance. By December $31,$ the business has provided $1$ of the $4$ weeks of services and earned one$-$fourth of the fee. No

revenue is yet recorded.

December $31$ On December $31,$ wages of $$645$ are owed to a part$-$time employee 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 customer for a fee of $$4,470,$ or $$745$ per week. The

customer agrees to pay the full $$4,470$ at the end of $6$ weeks when services are complete. By December $31,2$ weeks of

services have been provided, but the business has not yet billed the customer or recorded the $2$ weeks of services.

provided.

Prepare the required journal entries, adjusting entries, and closing entries.

Journal entry worksheet

Close revenue accounts. Hint: Prepare financial statements before recording

closing entries.

Note: Enter debits before credits.