A dog training business began on December 1. The following transactions occurred during its first month.

December 1 Receives $32,000 cash as an owner investment in exchange for common stock.
December 2 Pays $7,440 cash for equipment.
December 3 Pays $4,320 cash (insurance premium) for a 12-month insurance policy. Coverage began on December 1.
December 4 Pays $1,240 cash for December rent expense.
December 7 Provides all-day training services for a large group and immediately collects $1,700 cash.
December 8 Pays $260 cash in wages for part-time help.
December 9 Provides training services for $2,640 and rents training equipment for $720. The customer is billed $3,360 for these services.
December 19 Receives $3,360 cash from the customer billed on Dec. 9.
December 20 Purchases $2,120 of supplies on credit from a supplier.
December 23 Receives $1,840 cash in advance of providing a 4-week training service to a customer.
December 29 Pays $1,360 cash as a partial payment toward the accounts payable of Dec. 20.
December 30 Distributed a $560 cash dividend to the owner.
Information for month-end adjustments follows:

December 31 One month of the 12-month, $4,320 insurance policy is expired by December 31. This leaves $3,960 not yet expired.
December 31 A physical count of supplies on December 31 shows that only $1,260 of supplies remain of the $2,120 supplies purchased.
December 31 The $7,440 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 $7,440 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 $1,840 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 $660 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 $4,560, or $760 per week. The customer agrees to pay the full $4,560 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.