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I need help filling in the charts A dog training business began on December I. The following transactions occurred during its first month. December December
I need help filling in the charts
A dog training business began on December I. The following transactions occurred during its first month. December December December December December December December 1 2 3 4 7 8 9 December 19 December 20 December 23 December 29 December 30 Receives $37,000 cash as an owner investment in exchange for common stock. Pays $8,040 cash for equipment. Pays $4,620 cash (insurance premium) for a 12-month insurance policy. Coverage began on December 1. Pays $1,340 cash for December rent expense. Provides all-day training services for a large group and immediately collects $1,950 cash. Pays $285 cash in wages for part-time help. Provides training senices for $2, 740 and rents training equipment for $770. The customer is billed $3,510 for these services. Receives $3, 510 cash from the customer billed on Dec. 9. Purchases $2,170 of supplies on credit from a supplier. Receives $1,940 cash in advance of providing a 4-week training service to a customer. Pays $1, 385 cash as a partial payment toward the accounts payable of Dec. 2e. Distributed a $585 cash dividend to the owner. Information for month-end adjustments follows: December 31 December 31 December 31 December 31 December 31 December 31 December 01 Decenter 23 16 31 Decenter 0 1 12 30 01 7 09 19 31 Decent*' 01 17 December 31 One month of the 12-month, $4,620 insurance policy is expired by December 31. This leaves $4,235 not yet expired . A physical count of supplies on December 31 shows that only $1,285 of supplies remain of the $2,17 supplies purchased. The $8,04e Of equipment purchased at the beginning Of December has a useful life Of 5 years and be worth nothing at the end of 5 years (60 months). The business uses straight-line depreciation to allocate the $8,040 net cost over 60 months. On December 31, 1 month of depreciation must be recorded. The business agreed on December 23 to provide a 4-week training service to a customer for a fixed fee of $1,94e 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 On December 31, wages of $685 are owed to a part-time employee for work done over the past 3 weeks. Those wages are not yet paid or recorded. The business agreed to provide 6 weeks Of training services to a customer for a fee Of $4, 710, or $785 per week. The customer agrees to pay the full $4,71 at the end of 6 weeks when senices are complete. By December 31, 2 weeks of sen'ices have been provided, but the business has not prov ided. yet billed the customer or recorded the 2 weeks of services nce 1,340 Debit Oecmbot 01 1 December 01 Debit 01 S 07 7 09 16 31 December 31 19 31 Debit Oenmbot 01 15 December 31 Debit 01 13 31 Debit O. b. 01 14 Oecember 31 37.000 Credit 1.950 2.720 Credit Credit 37.000 $690 17 5175 6.745 11.970 19 Balance Post-closing December O I 7 December 09 December 31 Debit December 01 r 08 December 31 bit December O I Credit Credit Credit Credit Balance nce (5995) Debit Balance edit C red it Credit 13 14 December O I December 31 December 01 December 31 December O December 31 Debit 4 04 4 December 04 December O I December 31 Debit 37,000 1.950 3,510 1,940 Debit 5995 Credit General Ledger Account Credit ounts receivable 3 4 S 6 8 10 11 12 9 14 9 11 Date December 01 December 01 December 02 December 03 December 04 December 07 December 08 December 19 December 23 December 29 December 30 Date December 01 December 20 December 31 December 01 December 02 Date December 01 December 20 December 29 Balance 37,000 28,960 24,340 23, 24.950 24, 665 28,175 30,115 28, 730 28,145 Balance 2,170 1 ,285 Balance 8,040 Balance 2,170 785 No. Date December 01 December 09 December 19 December 31 Debit Credit 4,620 1.340 285 Credit Credit Credit 2.170 3,510 3,510 1,570 Prepaid insurance Supplies Debit 2,170 u ipme 8,040 Debit 1,385 Date December 01 3 December 03 13 December 31 Debit 4,620 d depreciation Credit 385 . Equi Credit Debit December O I December 31 15 17 Wages Debit able Credit Balance 3,510 1,570 Ba lance 4.620 4.235 Balance 134 Ba lance Date December 01 December 31 685
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