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. 6 General Requirement Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Post Closing Use the drop-downs to select the accounts properly included on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Post-closing Revenues Expenses Net income Income Statement For Month Ended December 31 $ 69 59 $ < Trial Balance 0 0 0 0 0 0 0 0 0 $ 0 St Retained Earnings > Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Post Closing The unadjusted or adjusted balances will appear for each account, based on your selection. (Selecting Post-Closing will only display ending balance.) Post-closing Statement of Retained Earnings For Month Ended December 31 Retained earnings, December 1 $ 69 0 Retained earnings, December 31 < Income Statement Balance Sheet >