A dog training business began on December 1. The following transactions occurred during its first month. December 1 Receives $22,000 cash as an owner investment in exchange for common stock. December 2 Pays $6,240 cash for equipment. December 3 Pays $3,720 cash (insurance premium) for a 12-month insurance policy. Coverage began on December 1. December 4 Pays $1,040 cash for December rent expense. December 7 Provides all-day training services for a large group and immediately collects $1,200 cash. December 8 Pays $210 cash in wages for part-time help. December 9 Provides training services for $2,440 and rents training equipment for $620. The customer is billed $3,060 for these services. December 19 Receives $3,060 cash from the customer billed on Dec. 9. December 20 Purchases $2,020 of supplies on credit from a supplier. December 23 Receives $1,640 cash in advance of providing a 4-week training service to a customer. December 29 Pays $1,310 cash as a partial payment toward the accounts payable of Dec. 20. December 30 Distributed a $510 cash dividend to the owner. Information for month-end adjustments follows: December 31 One month of the 12-month, $3,720 insurance policy is expired by December 31. This leaves $3,410 not yet expired. December 31 A physical count of supplies on December 31 shows that only $1,210 of supplies remain of the $2,020 supplies purchased. December 31 The $6,240 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 $6,240 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 $1,640 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 $610 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 $4,260, or $710 per week. The customer agrees to pay the full $4,260 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. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Balance Sheet Post Closing Earnings General Journal tab - Prepare journal entries for the first month of operations. Prepare any necessary adjusting and closing entries for the current month. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. Trial Balance tab - You may view the unadjusted, adjusted, or post-closing trial balances by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Income Statement tab - 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. Statement of Retained Earnings tab - The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection. Balance Sheet tab - 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. Post-Closing tab - Use the drop-downs to indicate whether each account is included on the post-closing trial balance. Journal entry worksheet < 1 2 3 4 5 6 7 8 22 Receives $22,000 cash as an owner investment in exchange for common stock. Note: Enter debits before credits. Date December 01 Account Title Debit Credit General Requirement Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Post Closing Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. Post-closing Unadjusted General Ledger Account Adjusted Post-closing Data is not available until journal entries have been entered. < General Journal Trial Balance > Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Post Closing You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop-down box below. Your choice will determine the reported values on the financial statement tabs. Post-closing Total Trial Balance December 31, 2023 Account Title < General Ledger Income Statement > Debit Credit 0 $ 0 Requirement General 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 Income Statement For Month Ended December 31 Expenses 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 $ 0 Retained earnings, December 31 < Income Statement Balance Sheet > Requirement General Journal General Ledger Trial Balance Income Statement St Retained Balance Sheet Post Closing Earnings 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. Post-closing Current assets Plant assets Balance Sheet December 31 ASSETS Current liabilities LIABILITIES EQUITY < St Retained Earnings Post Closing > Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Post Closing 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 Post Closing >