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Comprehensive Problem (Algo): Applying all steps in the cycle A dog trsining business begon on December 1. The followng tronsoctlans accurred during its first manth. Docirbse 2 Pays $7,449 cash for equipment. Docirbor 3 Pays 54,326 cash (Insurarice prenium) for a 12-fonth insurance policy. Coverage boyan on Docerber 1. Docirbsr 4 Pays \$1,240 cash for Docerber ront exponse. Docorbor \& pays $260 cash in wager for part-tine bolp. sotrices. Decenter 19 Ascelves \$3, 369 carh frum the curtons billod on Doc. 9. Decenter 20 Purchakes $2,126 of sugplies on credit fron a suppliors. Deconber 23 focelves \$1,848 cash in advance of pruviding a 4 -wok tralining sorvice to a custonor. Decenter 20 pays 51,366 cash ar a partial paymont toward the accounts paryable of Dec. 28. Decenter 3o Distrilluted a 5560 cash dividond to the conor. Information for month-end odjustments follows: Decenter 31 One nonth of the 12 -nonth, $4,320 Insurance policy is explrod by Docorbor 31 . This 102ver$3,260 nat yot expired. at the erd of 5 wars (60 months). The business usos stralght-1ine dogrviation to allocate the $7,448 not cost aver 60 nonths. On Docorbor 31,1 month of doprociation rust be rviordsd. abvance. By Docenber 31, the busLness has pruvided 1 of the 4 iovks of services and earnod ond-fourth of the fos. No revinue is yet recerdod. yot pald ar recorded. sorvices have boen provided, but the business hari not yot billod the custanor or rocardod the 2 woks of sarvices pruvided. Prepare the required joumal entries, adjusting entries, and closing entries. Journal entry worksheet 234567822 Feceives \$32,000 cash as an owner investment in exchsnge for comman stode. Nole: Entir dubls before crotits