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A dog training business began on December 1 . The following transactions occurred during its first month. December 1 Receives $ 2 8 , 0

A dog training business began on December 1. The following transactions occurred during its first month.
December 1 Receives $28,000 cash as an owner investment in exchange for common stock.
December 2 Pays $6,960 cash for equipment.
December 3 Pays $4,080 cash (insurance premium) for a 12-month insurance policy. Coverage began on December 1.
December 4 Pays $1,160 cash for December rent expense.
December 7 Provides all-day training services for a large group and immediately collects $1,500 cash.
December 8 Pays $240 cash in wages for part-time help.
December 9 Provides training services for $2,560 and rents training equipment for $680. The customer is billed $3,240 for these
services.
December 19 Receives $3,240 cash from the customer billed on Dec. 9.
December 20 Purchases $2,080 of supplies on credit from a supplier.
December 23 Receives $1,760 cash in advance of providing a 4-week training service to a customer.
December 29 Pays $1,340 cash as a partial payment toward the accounts payable of Dec. 20.
December 30 Distributed a $540 cash dividend to the owner.
Information for month-end adjustments follows:
December 31 One month of the 12-month, $4,080 insurance policy is expired by December 31. This leaves $3,740 not yet expired.
December 31 A physical count of supplies on December 31 shows that only $1,240 of supplies remain of the $2,080 supplies purchased.
December 31 The $6,960 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 $6,960 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 $1,760 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 $640 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 $4,440, or $740 per week. The
customer agrees to pay the full $4,440 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.
Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted, adjusted, or
post-closing balances will appear for each account, based on your selection.
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