View previous attempt Check my work 2.5 ints 1 elook Pri eferences Comprehensive Problem (Static): Applying all steps in the cycle A dog training business began on December 1. The following transactions occurred during its first month. December 1 Receives $20,000 cash as an owner investment. December 2 Pays $6,000 cash for equipment. December 3 Pays $3,600 cash (insurance premium) for a 12-month insurance policy. Coverage began on December 1. December 4 Pays $1,000 cash for December rent expense. December 7 Provides all-day training services for a large group and immediately collects $1,100 cash. December 8 Pays $200 cash in wages for part-tine help. December 9 Provides training services for $2,400 and rents training equipment for $600. The customer is billed $3,000 for these services. December 19 Receives $3,000 cash from the customer billed on Dec. 9. December 20 Purchases $2,000 of supplies on credit from a supplier. December 23 Receives $1,600 cash in advance of providing a 4-week training service to a customer. December 29 Pays $1,300 cash as a partial payment toward the accounts payable of Dec. 20. December 30 Withdrawal of $500 cash by the owner for personal use. Information for month-end adjustments follows: December 31 One month of the 12-month, $3,600 insurance policy is expired by December 31. This leaves $3,300 not yet expired. supplies purchased. December 31 A physical count of supplies on December 31 shows that only $1,200 of supplies remain of the $2,000 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. 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 custoner 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 ? make a caricar hua haan muidad hit the hurinare har anbi 5 nts elook 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. 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. Print eferences Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing General Journal tab - Prepare journal entries for the first month of operations. Prepare any necessary adjusting and closing entries for the current month. General Ledger tab- Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. Trial Balance tab- You may view the unadjusted, adjusted, or post-closing trial balances by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Income Statement tab- Use the drop-downs to select the accounts properly included on the income statement. The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection. Statement of Owner's Equity tab - The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection. Balance Sheet tab-Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection. Post-Closing tab-Use the drop-downs to indicate whether each account is included on the post-closing trial balance.