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After recording the following transactions, what is the December 31st balance in the (Earned) Revenue account in the general ledger? 1. On December 1,
After recording the following transactions, what is the December 31st balance in the (Earned) Revenue account in the general ledger? 1. On December 1, 2018, Walter Y. Knott started a consulting service called "Forget Me Knott by investing $10,000 into the business and opening a business checking account at the bank. The company's year-end is December 31st. 2. On December 1st, the company purchased a 3-year insurance policy for $3,600 (record the debit to prepaid insurance) with a check. 3. On December 1st, the company purchased office equipment for $6,000 with a check. 4. On December 5th, the first consulting project was completed and the check received for the work of $8,000 was deposited into the company's checking account. 5. On December 30th, the company received and deposited a check for $5,000 for consulting services to be performed in January of next year. 6. On December 31st the company wrote a $4,000 check to Walter as an owner's withdrawal.
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