A dog training business began on December 1. The following transactions occurred during its first month. December 1 Receives $33,000 cash as an owner investment in exchange for common stock. December 2 Pays $7,560 cash for equipment. December 3 Pays $4,380 cash (insurance premium) for a 12-month insurance policy. Coverage began on December 1. December 4 Pays $1,260 cash for December rent expense. December 7 Provides all-day training services for a large group and immediately collects $1,750 cash. December 8 Pays $265 cash in wages for part-time help. December 9 Provides training services for $2,660 and rents training equipment for $730. The customer is billed $3,390 for these services. December 19 Receives $3,390 cash from the customer billed on Dec. 9. December 20 Purchases $2,130 of supplies on credit from a supplier. December 23 Receives $1,860 cash in advance of providing a 4-week training service to a customer. December 29 Pays $1,365 cash as a partial payment toward the accounts payable of Dec. 20. December 30 Distributed a $565 cash dividend to the owner. Information for month-end adjustments follows: December 31 One month of the 12-month, $4,380 insurance policy is expired by December 31. This leaves $4,015 not yet expired. December 31 A physical count of supplies on December 31 shows that only $1,265 of supplies remain of the $2,130 supplies purchased. December 31 The $7,560 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 $7,560 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 $1,860 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 $665 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 $4,590, or $765 per week. The customer agrees to pay the full $4,590 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. post-closing balances will appear for each account, based on your selection. Post-closing Current assets Plant assets Current liabilities Balance Sheet December 31 ASSETS LIABILITIES $ 0 0 0 0 EQUITY 69 $ 69 $ 89 $ 0 0 0 0 0 $ 0 SA $ 0 0 Requirement Journal Trial Balance Ledger Statement Balance eet Post Closing Earnings Begin by selecting "Post-closing" from the drop-down below. Then, for each account, use the drop-down to indicate whether the account is included on the post-closing trial balance. Based on your decisions, the post-closing trial balance will be created. Compare your results with the Trial Balance tab. Post-closing Account Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation - Equipment Accounts payable Wages payable Unearned revenue Common stock Retained earnings Dividends Services revenue Rental revenue Depreciation expense-Equipment Wages expense Insurance expense Rent expense Supplies expense Totals Included on Post-closing trial balance? Type of Account Post-closing Trial Balance Debit Credit Balance Sheet Rock Closing $ 0 $ 0