Accounting cycle

Song Princess is a local business providing piano lessons to children. The business employs a temporary Accounts Clerk who prepared the following unadjusted Trial Balance as at 31 December 2019: Song Princess Unadjusted Trial Balance As at 31 December 2019 Credit (3) Insurance Payable 2.500 Salaries Payable 12.700 Accounts Payable 4,200 Cash Supplies .533 Accounts Receivable Motor Vehicle -Van Accumulated Depreciation -Van 21.000 Capital 30.000 Drawings ma Fees Earned 101.200 Salaries Expense Insurance Expense Rental Expense Supplies Expense Total 171,000 The following business transactions that acourred in December 2019 were not recorded nor posted in the above Trial Balance: 1) The van costing $40,000 was bought on 1 January 2013. The company has a policy to depreciate all xed assets using the M method. The van is assumed to have useful life of 10 years with a residual value of $5,000. No depreciation has been recorded for the current year. 2) On 1 December 2019, $1,200 was collected from students for piano lessons which would be conducted once per month from December 2019 to March 2020. 3) The Accounts Clerk discovered that the December 2019 salary for a piano teacher amounting to $2,300 was not recorded. The salary will only be paid by the business in January 2020. 4) Supplies on-hand was counted and determined to be $2,200 as at 31 December 2019. 5) On 31 December 2019. the business paid $6,600 for January 2020 to March 2020 rental. 6) On 31 December 201 9. the owner of Song Pn'ncess gave the business' van to his son as a birthday gift. Reguired: For each of the above transactions. record the journal entries for the year ended 31 December 2019. No narration is required