Bellys Swimming Services provides swimming lessons to customers. The business completed the following transactions in December 2023:

Dec. 1	Bellys Swimming Services was able to open its doors when the owner, Belly, contributed $10,000 cash and a swimming pool with an office suite that has a fair value of $20,000 (it originally cost Belly $35,000 to have the pool and suite be built). The business issued Belly capital in exchange for this contribution. Please show as a compound journal entry and record the swimming pool and suite as Building.
1	Paid $2,000 for a eight-month insurance policy. The policy begins when the policy has been paid for.
4	Performed swim lessons for Connie on account for $1,600.
8	Collected $1,200 cash from Beck to provide swim lessons for the next 3 months, but Belly has not provided the swim lessons yet.
10	Paid $200 for floatation devices and goggles. Record these items as Supplies.
12	Paid the swim instructors (employees) salary of $500.
18	Purchased an inground pool cleaner, paying $3,000 on account. Record the cleaner as Equipment
20	Collected $600 cash from Connie on account.
22	Received $1,200 for performing swim lessons for Steven
24	Performed swim lessons for Jere on account for $1,000
26	Paid $1,500 on account.
28	Paid the light and water bill (utilities) of $250 for the month of December.
30	Collected the remaining cash from Connies account.
31	Belly withdrew cash of $1,000.

Requirements

1. Record each transaction in the journal using the following chart of accounts. Explanations are not required.

Cash	Belly, Withdrawals
Accounts Receivable- Connie	Income Summary
Supplies	Service Revenue
Prepaid Insurance	Salaries Expense
Equipment	Depreciation ExpenseEquipment
Accumulated DepreciationEquipment	Insurance Expense
Accounts Payable	Building
Salaries Payable	Utilities Expense
Unearned Revenue	Supplies Expense
Belly, Capital	Depreciation Expense- Building
Accumulated Depreciation- Building	Accounts Receivable - Jere

2. Post the transactions in the T-accounts.

3. Prepare an unadjusted trial balance as of December 31, 2023.

4. Journalize the adjusting entries using the following adjustment data and also by reviewing the journal entries prepared in Requirement 1. Post adjusting entries to the T-accounts.

Adjustment data:

1. Depreciation was recorded on the equipment and building using the straight-line method. For the equipment, assume a useful life of five years and a salvage value of $0. For the building, assume a useful life of 15 years and a salvage value of $5,000.
2. Unearned Revenue earned during the month, $300
3. Accrued Salaries Expense, $500.
4. Prepaid Insurance for the month has expired.
5. Supplies on hand, $150.

f. Accrued Service Revenue for services provided to Laurel, $1000.

5. Prepare an adjusted trial balance as of December 31, 2023.

6. Prepare Bellys Swimming Services income statement and statement of owners equity for the month ended December 31, 2023, and the classified balance sheet on that date.

7. Journalize the closing entries, and post to the T-accounts.

8. Prepare a post-closing trial balance as of December 31, 2023.