AaBbCcD AaBbCcD AaBbC AaBbCcl HaB AaBbCcC IU-ab x, x A0-A No Spac.. T Normal Heading 1 Heading 2 Title Subtitle Font Paragraph Styles Felicity taught dance for many years before deciding to open her own dance studio. She plans to teach a variety of dance styles to people of all ages. She incorporated the business in late November, Uptown Dance Center Inc. Part 1) Record your journal entries in the space provided below each individual event. Dec. 1. Felicity invested 20,000 cash and $14,000 of equipment in the company in exchange for common stock. Cash 20,000 14,000 Equipment Common Stock 34,000 Dec. 2. Felicity paid $5,000 cash in advance to cover 5 month's insurance for her business. Prepaid Insurance Cash 5,000 5,000 Dec. 3. Felicity bought $600 of supplies on account Supplies 600 Account Payable 600 Dec. 10. Felicity taught a ballet class to a group of students age 6-12. She was paid $500 cash Service Revenue 500 Cash 500 Dec. 12 A Mardi Gras parading group, the Uptown Steppers, paid Felicity $3,000 in advance to work with them over the coming months to develop dances for the upcoming parading season. Accounts Receivable 3,000 Service Revenue 3,000 Focus earch AaBbCcD AaBbCcDe AaBbC AaBbCcl AaB AaBbCet A-D A - 1 No Spac... Heading 1 Heading 2 Title IU 1 Normal Subtitle Font Paragraph Styles Dec. 19 Felicity was hired by some music video producers to choreograph dance steps for the vide0 and work with the dancers during filming. After completing the work, she sent a bill for $5,000. Dec. 20. Felicity taught another ballet class for young dancers. She was paid $700 cash. Dec. 27 Felicity paid $350 towards her account incurred previously for supplies Dec. 28 The music video producers sent Felicity a check for $3,000 in partial payment of the bill sent previously. xA A TNormal No Spac... Heading Heading 2 Ttle Subtit Font Paragraph Styles Dec. 29. Felicity paid utilities bills totaling $500 by check Dec. 30 The company paid Felicity a $5,000 dividend. Part 2) Post your Journal entries to the ledgers provided. Part 3) Adjusting Entries-Please record adjusting entries as of Dec. 31 based on the facts below. 1) Record one month's depreciation on the equipment. The equipment cost $14,000 is estimated to have a $2,000 salvage value and a 5-year life. (Note: For one month's depreciation take the annual amount and divide by 12) 2) During the month, Felicity completed 1/3 of the work for the Mardi Gras parading group, the Uptown Steppers. (The group had paid her $3,000 in advance to develop their dances for the upcoming parading season.) 3) Record the expiration of one month's pre-paid insurance during December (Felicity paid $5,000 in advance for 5 D Focus es New Rom-11 A A Aa Ap AaBbCcD AaBbCcD AaBbC AaBbCcl AaB AaBbce IU-ab x, xA- A- T No Spac... Heading 1 Heading 2 Title Subtitle 1 Normal Font G Paragraph Styles 3) Record the expiration of one month's pre-paid insurance during December. (Felicity paid $5,000 in advance for 5 months of insurance.) 4) An inventory at the end of the momth revealed that $400 of supplies remained on hand. (She had bought $600 at the beginning of the month.) 5) Towards the end of the month, Felicity taught some classes for Tulane University at her studio. She plans to send a bill for $1,200, but she has not yet recorded the amount or sent the bill. 6) In late December, Felicity hired Robin as an assistant to help teach classes to children. Robin earned $500 by the end of the month, but Felicity has not yet recorded her salary, She plans to pay Robin during the first week of January OFocus ab x A2-A Heading 2 1 Normal 1 No Spac... Heading 1 Ttle Su Font Paragraph Styles Part 4) Post your Adjusting Entries to your ledgers Part 5) Prepare an Adjusted Trial Balance from your ledgers Part 6) Using the totals from your ledgers and adjusted trial balance, please record your closing entries in the space below. 1. 2. 3. Part 7) Financial Statements,. Prepare the Financial Statements in the space below: Uptown Dance Center, Inc. Income Statement For the Year Ended Dec. 31 DFocus BIU-X, xA- A Heading 1 T Normal 1 No Spac... Heading 2 Title Subti Font Paragraph Styles Uptown Dance Center, Inc Statement of Retained Earnings For the Year Ended Dec. 31 Uptown Dance Center, Inc Balance Sheet As of Dec. 31 DFocus O aw o search W