December 1 Receives $21,000 cash as an owner investment in exchange for common stock. December 2 Pays $6,120 cash for equipment. December 3 Pays $3,660 cash (insurance premium) for a 12-month insurance policy. Coverage began on December 1 . December 4 Pays $1,020 cash for December rent expense. December 7 Provides all-day training services for a large group and immediately collects $1,150 cash. December 8 Pays $205 cash in wages for part-time help. December 9 Provides training services for $2,420 and rents training equipment for $610. The customer is billed $3,030 for these services. December 19 Receives $3,030 cash from the customer billed on Dec. 9 . December 20 Purchases $2,010 of supplies on credit from a supplier. December 23 Receives $1,620 cash in advance of providing a 4 -week training service to a customer. December 29 Pays $1,305 cash as a partial payment toward the accounts payable of Dec. 20. December 30 Distributed a $505 cash dividend to the owner. Information for month-end adjustments follows: December 31 One month of the 12-month, $3,660 insurance policy is expired by December 31 . This leaves $3,355 not yet expired. December 31 A physical count of supplies on December 31 shows that only $1,205 of supplies remain of the $2,010 supplies purchased. December 31 The $6,120 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 $6,120 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 $1,620 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 $605 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 $4,230, or $705 per week. The customer agrees to pay the full $4,230 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. Journal entry worksheet Receives $21,000 cash as an owner investment in exchange for common stock. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet 678 Pays $3,660 cash (insurance premium) for a 12 -month insurance policy. Coverage began on December 1. Note: Enter debits before credits