A dog training business began on December 1. The following transactions occurred during its first month. 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 prenium) 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 $2,180 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 $1,300 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, $4,688 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 $8,168 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 costoser 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 $4,748, 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. No Dato 1 December 01 Cash Owner, Capital 2 December 02 Equipment Cash 3 December 03 Prepaid insurance Cash 4 December 04 Rent expense Cash 5 December 07 Cash Services revenue 0 December 08 Wages expense Cash 7 December 09 Accounts receivable Services revenue Equipment Account Title Debit Credit 31,000 31,000 30 00 000 7.320 7.320 4,260 4,260 1,220 1,220 1,650) 1,650 O 255 255 3,330 * 2,620 7.10 1 8 December 19 Cash Accounts receivable) 9 December 201 Supplies Accounts payable 10 10 December 23 Cash Uneamed revenue 11 December 29 Accounts payable Cash 12 December 30 Owner, Withdrawals Cash 13 December 311 Insurance expense Prepaid insurance 14 December 31 Supplies expense Supplies 15 December 31 Depreciation expense - Equipment Accumulated depreciation-Equipment 00 00 00 00 3,540 3,540 2.180 2,180 1,960- 1,960 1,390 1,390 590 590 390 - 300- 800- 800 136 136 O 15 December 31 Depreciation expense - Equipment Accumulated depreciation - Equipment 16 December 31 Services revenue Services revenue 17 December 31 Wages expense Wages payable 18 December 311 Accounts receivable Services revenue 136 490 6 136 490 690 690 1,580 1,580