Close revenue accounts. Hint: prepare financial statements before recording closing entities A dog training business began on December $1.$ The following transactions occurred during its first month.December $1$Receives $$22,000$ cash as an owner investment.December $2$Pays $$6,240$ cash for equipment.December $3$Pays $$3,720$ cash $($insurance premium$)$ for a $12-$month insurance policy. Coverage began on December $1.$December $4$Pays $$1,040$ cash for December rent expense.December $7$Provides all$-$day training services for a large group and immediately collects $$1,200$ cash.December $8$Pays $$210$ cash in wages for part$-$time help.December $9$Provides training services for $$2,440$ and rents training equipment for $$620.$ The customer is billed $$3,060$ for these services.December $19$Receives $$3,060$ cash from the customer billed on Dec. $9.$December $20$Purchases $$2,020$ of supplies on credit from a supplier.December $23$Receives $$1,640$ cash in advance of providing a $4-$week training service to a customer.December $29$Pays $$1,310$ cash as a partial payment toward the accounts payable of Dec. $20.$December $30$Withdrawal of $$510$ cash by the owner for personal use.Information for month$-$end adjustments follows:December $31$One month of the $12-$month, $$3,720$ insurance policy is expired by December $31.$ This leaves $$3,410$ not yet expired.December $31$A physical count of supplies on December $31$ shows that only $$1,210$ of supplies remain of the $$2,020$ supplies purchased.December $31$The $$6,240$ of equipment purchased at the beginning of December has a useful life of $5$ years and will be worth nothing at the end of $5$ years $(60$ months$).$ The business uses straight$-$line depreciation to allocate the $$6,240$ 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 customer for a fixed fee of $$1,640$ paid in advance. By December $31,$ the business has provided $1$ of the $4$ weeks of services and earned one$-$fourth of the fee. No revenue is yet recorded.December $31$On December $31,$ wages of $$610$ 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 $$4,260,$ or $$710$ per week. The customer agrees to pay the full $$4,260$ 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.RequirementGeneral JournalGeneral LedgerTrial BalanceIncome StatementSt Owners EquityBalance SheetPost ClosingPrepare the required journal entries, adjusting entries, and closing entries.Show lessNoDateAccount TitleDebitCredit$1$December $01$Cash$22,000$Owner, Capital$22,0002$December $02$Equipment$6,240$Cash$6,2403$December $03$Prepaid insurance$3,720$Cash$3,7204$December $04$Rent expense$1,040$Cash$1,0405$December $07$Cash$1,200$Services revenue$1,2006$December $08$Wages expense$210$Cash$2107$December $09$Accounts receivable$3,060$Services revenue$2,4406208$December $19$Cash$3,060$Accounts receivable$3,0609$December $20$Supplies$2,020$Accounts payable$2,02010$December $23$Cash$1,640$Unearned revenue$1,64011$December $29$Accounts payable$1,310$Cash$1,31012$December $30$Owner, Withdrawals$510$Cash$51013$December $31$Insurance expense$310$Prepaid insurance$31014$December $31$Supplies expense$810$Supplies$81015$December $31$Depreciation expense $-$ Equipment$104$Accumulated depreciation $-$ Equipment$10416$December $31$Unearned revenue$410$Services revenue$41017$December $31$Wages expense$610$Wages payable$61018$December $31$Accounts receivable$1,420$Services revenue$1,42019$December $31$Services revenue