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

December $1$ Receives $$37,000$ cash as an owner investment in exchange for common stock.

December $2$ Pays $$8,040$ cash for equipment.

December $3$ Pays $$4,620$ cash $($insurance premium$)$ for a $12-$month insurance policy. Coverage began on December $1.$

December $4$ Pays $$1,340$ cash for December rent expense.

December $7$ Provides all$-$day training services for a large group and immediately collects $$1,950$ cash.

December $8$ Pays $$285$ cash in wages for part$-$time help.

December $9$ Provides training services for $$2,740$ and rents training equipment for $$770.$ The customer is billed $$3,510$ for these services.

December $19$ Receives $$3,510$ cash from the customer billed on Dec. $9.$

December $20$ Purchases $$2,170$ of supplies on credit from a supplier.

December $23$ Receives $$1,940$ cash in advance of providing a $4-$week training service to a customer.

December $29$ Pays $$1,385$ cash as a partial payment toward the accounts payable of Dec. $20.$

December $30$ Distributed a $$585$ cash dividend to the owner.

Information for month$-$end adjustments follows:

December $31$ One month of the $12-$month, $$4,620$ insurance policy is expired by December $31.$ This leaves $$4,235$ not yet expired.

December $31$ A physical count of supplies on December $31$ shows that only $$1,285$ of supplies remain of the $$2,170$ supplies purchased.

December $31$ The $$8,040$ of equipment purchased at the beginning of December has a useful life of $5$ years and will be worth nothing at the end of $5$ years $(60$ months$).$ The business uses straight$-$line depreciation to allocate the $$8,040$ 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 $$1,940$ 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 $$685$ 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 $$4,710,$ or $$785$ per week. The customer agrees to pay the full $$4,710$ 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.

Prepare the required journal entries, adjusting entries, and closing entries.

$-$ Close revenue accounts. Hint: Prepare financial statements before recording closing entries.

$-$Close expense accounts. Hint: Prepare financial statements before recording closing entries.

$-$ Close Income Summary account

$-$Close Dividends account.