Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Close revenue accounts. Hint: prepare financial statements before recording closing entities A dog training business began on December 1 . The following transactions occurred during
Close revenue accounts. Hint: prepare financial statements before recording closing entities A dog training business began on December The following transactions occurred during its first month.December Receives $ cash as an owner investment.December Pays $ cash for equipment.December Pays $ cash insurance premium for a month insurance policy. Coverage began on December December Pays $ cash for December rent expense.December Provides allday training services for a large group and immediately collects $ cash.December Pays $ cash in wages for parttime help.December Provides training services for $ and rents training equipment for $ The customer is billed $ for these services.December Receives $ cash from the customer billed on Dec. December Purchases $ of supplies on credit from a supplier.December Receives $ cash in advance of providing a week training service to a customer.December Pays $ cash as a partial payment toward the accounts payable of Dec. December Withdrawal of $ cash by the owner for personal use.Information for monthend adjustments follows:December One month of the month, $ insurance policy is expired by December This leaves $ not yet expired.December A physical count of supplies on December shows that only $ of supplies remain of the $ supplies purchased.December The $ of equipment purchased at the beginning of December has a useful life of years and will be worth nothing at the end of years months The business uses straightline depreciation to allocate the $ net cost over months. On December month of depreciation must be recorded.December The business agreed on December to provide a week training service to a customer for a fixed fee of $ paid in advance. By December the business has provided of the weeks of services and earned onefourth of the fee. No revenue is yet recorded.December On December wages of $ are owed to a parttime employee for work done over the past weeks. Those wages are not yet paid or recorded.December The business agreed to provide weeks of training services to a customer for a fee of $ or $ per week. The customer agrees to pay the full $ at the end of weeks when services are complete. By December weeks of services have been provided, but the business has not yet billed the customer or recorded the weeks of services provided.RequirementGeneral JournalGeneral LedgerTrial BalanceIncome StatementSt Owners EquityBalance SheetPost ClosingPrepare the required journal entries, adjusting entries, and closing entries.Show lessNoDateAccount TitleDebitCreditDecember CashOwner, CapitalDecember EquipmentCashDecember Prepaid insuranceCashDecember Rent expenseCashDecember CashServices revenueDecember Wages expenseCashDecember Accounts receivableServices revenueDecember CashAccounts receivableDecember SuppliesAccounts payableDecember CashUnearned revenueDecember Accounts payableCashDecember Owner, WithdrawalsCashDecember Insurance expensePrepaid insuranceDecember Supplies expenseSuppliesDecember Depreciation expense EquipmentAccumulated depreciation EquipmentDecember Unearned revenueServices revenueDecember Wages expenseWages payableDecember Accounts receivableServices revenueDecember Services revenue
Close revenue accounts. Hint: prepare financial statements before recording closing entities A dog training business began on December The following transactions occurred during its first month.December Receives $ cash as an owner investment.December Pays $ cash for equipment.December Pays $ cash insurance premium for a month insurance policy. Coverage began on December December Pays $ cash for December rent expense.December Provides allday training services for a large group and immediately collects $ cash.December Pays $ cash in wages for parttime help.December Provides training services for $ and rents training equipment for $ The customer is billed $ for these services.December Receives $ cash from the customer billed on Dec. December Purchases $ of supplies on credit from a supplier.December Receives $ cash in advance of providing a week training service to a customer.December Pays $ cash as a partial payment toward the accounts payable of Dec. December Withdrawal of $ cash by the owner for personal use.Information for monthend adjustments follows:December One month of the month, $ insurance policy is expired by December This leaves $ not yet expired.December A physical count of supplies on December shows that only $ of supplies remain of the $ supplies purchased.December The $ of equipment purchased at the beginning of December has a useful life of years and will be worth nothing at the end of years months The business uses straightline depreciation to allocate the $ net cost over months. On December month of depreciation must be recorded.December The business agreed on December to provide a week training service to a customer for a fixed fee of $ paid in advance. By December the business has provided of the weeks of services and earned onefourth of the fee. No revenue is yet recorded.December On December wages of $ are owed to a parttime employee for work done over the past weeks. Those wages are not yet paid or recorded.December The business agreed to provide weeks of training services to a customer for a fee of $ or $ per week. The customer agrees to pay the full $ at the end of weeks when services are complete. By December weeks of services have been provided, but the business has not yet billed the customer or recorded the weeks of services provided.RequirementGeneral JournalGeneral LedgerTrial BalanceIncome StatementSt Owners EquityBalance SheetPost ClosingPrepare the required journal entries, adjusting entries, and closing entries.Show lessNoDateAccount TitleDebitCreditDecember CashOwner, CapitalDecember EquipmentCashDecember Prepaid insuranceCashDecember Rent expenseCashDecember CashServices revenueDecember Wages expenseCashDecember Accounts receivableServices revenueDecember CashAccounts receivableDecember SuppliesAccounts payableDecember CashUnearned revenueDecember Accounts payableCashDecember Owner, WithdrawalsCashDecember Insurance expensePrepaid insuranceDecember Supplies expenseSuppliesDecember Depreciation expense EquipmentAccumulated depreciation EquipmentDecember Unearned revenueServices revenueDecember Wages expenseWages payableDecember Accounts receivableServices revenueDecember Services revenue
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started