Answer :
Let's analyze each transaction and adjustment and record them accordingly:
1. December 1:
- Cash increased by $32,000.
- Common stock increased by $32,000.
2. December 2:
- Equipment increased by $7,440.
- Cash decreased by $7,440.
3. December 3:
- Prepaid insurance increased by $4,320 (for one month).
- Cash decreased by $4,320.
4. December 4:
- Rent expense increased by $1,240.
- Cash decreased by $1,240.
5. December 7:
- Cash increased by $1,700.
- Service revenue increased by $1,700.
6. December 8:
- Wage expense increased by $260.
- Cash decreased by $260.
7. December 9:
- Accounts receivable increased by $3,360.
- Service revenue increased by $3,360.
- Rent expense increased by $720.
- Cash increased by $1,920 ([$3,360 - $720] - $720).
8. December 19:
- Cash increased by $3,360.
- Accounts receivable decreased by $3,360.
9. December 20:
- Supplies increased by $2,120.
- Accounts payable increased by $2,120.
10. December 23:
- Unearned revenue increased by $1,840.
- Cash increased by $1,840.
11. December 29:
- Accounts payable decreased by $1,360.
- Cash decreased by $1,360.
12. December 30:
- Dividends increased by $560.
- Cash decreased by $560.
Adjustments on December 31:
1. Insurance Expense:
- Insurance expense increased by $360 ($4,320 / 12 months).
- Prepaid insurance decreased by $360.
2. Supplies Expense:
- Supplies expense increased by $860 ($2,120 - $1,260).
- Supplies decreased by $860.
3. Depreciation Expense:
- Depreciation expense increased by $124 ($7,440 / 60 months).
- Accumulated depreciation increased by $124.
4. Revenue Recognition:
- Service revenue increased by $460 ($1,840 / 4 weeks).
- Unearned revenue decreased by $460.
5. Accrued Wages:
- Wage expense increased by $660.
- Wages payable increased by $660.
6. Unbilled Services:
- Service revenue increased by $1,520 ($760 per week * 2 weeks).
- Accounts receivable increased by $1,520.
These entries should accurately reflect the transactions and adjustments for the first month of the dog training business.
Answer:
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