Prepare adjusting journal entries for the dog training business for the period ended December 31. December 31 One month of the 12-month, \$3,600 insurance policy is expired by December 31. This leaves \$3,300 not yet expired. December 31 A physical count of supplies on December 31 shows that only $1,200 of supplies remain of the $2,000 supplies purchased. December 31 The $6,000 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 $6,000 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 $1,600 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. Journal entry worksheet One month of the 12 -month, $3,600 insurance policy is expired by December 31 . This leaves $3,300 not yet expired. Note: Enter debits before credits. repare adjusting journal entries for the dog training business for the period ended December 31. December 31 On December 31, wages of $600 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 $4,200, or $700 per week. The customer agrees to pay the full $4,200 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 On December 31, wages of $600 are owed to a part-time employee for work done over the past 3 weeks. Those wages are not yet paid or recorded. Note: Enter debits before credits. Ise the following adjusted trial balance (prepared from the general ledger) for the dog training business to prepare the come statement, statement of retained earnings, and balance sheet. Enter answers in the tabs below. Prepare the income statement for the month ended December 31. Use the adjusted trial balance for the dog training business to record closing entries. Journal entry worksheet