General Journal: (1) prepare regular transaction journal entries for the month of December, (2) prepare end of the month adjusting journal entries, and (3) prepare end of the month closing entries This small business records adjusting entries monthly. Closing entries are performed annually on December 31. Beginning balances are provided below. During December, the following transactions occurred: Information for December transactions: Dec.1 Dec.2 balance due. Dec.3 Dec. 4 months. Dec. 8 Jack invests another $40,000 of personal cash into the business. Purchase new laptops and software for $12,000 from Online Office Plus. Pay $2,000 cash and issue a four-year note payable for the Pay $12,000 to Big Guys Real Estate for three months' advance rent on the office space. Purchase $500 office supplies on account from Office Depot. Payment is due in 30 days. These supplies are expected to last for several Receive $12,000 cash advance payment from Superior Dentistry. This amount represents discounted pricing for a full year of accounting, payroll and tax services. Dec. 12 Dec. 15 Pay salaries for the first bi-weekly two week payroll in December, $15,000. Excluding the Superior Dentistry advance, service revenue earned during the first 15 days of December is $26,000. $13,000 is received in cash, and the remainder will be billed to customers. Purchase 3 used printers from Bob's Office Supply for $600. Payment is due in 10 days. Dec. 17 Dec. 20 Dec. 23 Pay MICPA $1700 for tax training seminars. Dec. 24 Dec. 26 Collect $10,000 of the accounts receivable related to Dec. 15 revenue. Pay salaries for the second bi-weekly two week payroll in December, $15,000. Met with City Chiropractor Central. Contract signed at $12,000 for 20% annual discounted services including a full year of accounting, payroll and tax services. This contract begins January 1st. Dec. 27 Pay $600 account payable due to Bob's Office Supply. Dec. 28 Dec. 29 Pay Jack a year-end $20,000 owner withdrawal. Zen Accounting was named in a personal lawsuit related to an ugly IRS dispute. The extent of the company's legal and financial responsibility for this accident, if any, cannot be determined at this time. Dec. 29 year policy. Dec. 30 customers. Dec. 31 Re-new and purchase a 12-month umbrella liability insurance policy for $9,600. We also paid $9,600 last year in December for a one Service revenue earned during the 2nd half of December is $14,000. $8,000 is received in cash, and the remainder will be billed to Receive $400 bill from the City for December utilities. ZEN ACCOUNTING GENERAL JOURNAL DECEMBER 2017 (transactions for the month) Date 2017 Dec 1 Cash Description Debit Credit "Jack Jones, Capital" $40,000" "$40,000" Dec 2 Office Equipment "$12,000" Cash "$2,000" Notes Payable " $10,000" Dec 3 Prepaid Rent "$12,000" Cash "$12,000" Dec 4 Office Supplies Account Payable $500 $500 Dec 8 Cash "$12,000" Uneamed Revenue "$12,000"