A dog training business began on December 1. The following transactions occurred auririg its first monin. December 1 Receives $38,000 cash as an owner investment. December 2 Pays $8,160 cash for equipment. December 3 Pays $4,680 cash (insurance premium) for a 12-month insurance policy. Coverage began on December 1. December 4 Pays $1,360 cash for December rent expense. December 7 Provides all-day training services for a large group and immediately collects $2,000 cash. December 8 Pays $290 cash in wages for part-time help. December 9 Provides training services for $2,760 and rents training equipment for $780. The customer is billed $3,540 for these services. December 19 Receives $3,540 cash from the customer billed on Dec. 9. December 20 Purchases $2,188 of supplies on credit from a supplier. December 23 Receives $1,960 cash in advance of providing a 4-week training service to a customer. December 29 Pays $1,390 cash as a partial payment toward the accounts payable of Dec. 20. December 30 Withdrawal of $590 cash by the owner for personal use. Information for month-end adjustments follows: December 31 One month of the 12-month, $4,680 insurance policy is expired by December 31. This leaves $4,290 not yet expired. December 31 A physical count of supplies on December 31 shows that only $1,290 of supplies remain of the $2,180 supplies purchased. December 31 The $8,160 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 $8,160 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 $1,960 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 $690 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 $4,740, or $790 per week. The customer agrees to pay the full $4,740 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. cest View transaction list Journal entry worksheet < 1 ..... 12 13 14 15 16 17 22 On December 31, wages of $690 are owed to a part-time employee for work done over the past 3 weeks. Those wages are not yet paid or recorded. Note: Enter debits before credits. Date December 31 Account Title Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 ... 13 14 15 16 17 18 22 The business agreed to provide 6 weeks of training services to a customer for a fee of $4,740, or $790 per week. The customer agrees to pay the full $4,740 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 Note: Enter debits before credits. Date December 31 Account Title Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 ..... 14 15 16 17 18 19 22 22 Close revenue accounts. Hint: Prepare financial statements before recording closing entries. Note: Enter debits before credits. Date December 31 Account Title Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 ..... 15 16 17 18 19 19 20 20 22 Close expense accounts. Hint: Prepare financial statements before recording closing entries. Note: Enter debits before credits. Date December 31 Account Title Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 ... 15 16 17 18 19 20 20 Close Income Summary account. Note: Enter debits before credits. Date December 31 21 27 22 Account Title Debit Credit > Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 ... 15 16 17 18 19 Close Withdrawals account. 20 20 21 27 22 22 Note: Enter debits before credits. Account Title Debit Credit Date December 31 View general journal Record entry Clear entry