Applying the Entire Accounting Cycle Rhoades Tax Services began business on December 1, 2018. Its December transactions are as follows. Dec. 1 Rhoades invested $20,000 in the business in exchange for common stock. 2 Paid $1,200 cash for December rent to Bomba Realty. 2 Purchased $1,080 of supplies on account. 3 Purchased $9,500 of office equipment; paying $4,700 cash with the balance due in 30 days. 8 Paid $1,080 cash on account for supplies purchased December 2. 14 Paid $900 cash for assistant's wages for 2 weeks' work. 20 Performed consulting services for $3,000 cash. 28 Paid $900 cash for assistant's wages for 2 weeks' work. 30 Billed clients $7,200 for December consulting services. 31 Paid $1,800 cash for dividends. Supplies available at December 31 are $710. Accrued wages payable at December 31 are $270. Depreciation for December is $120. Rhoades has spent 30 hours on an involved tax fraud case during December. When completed in January, his work will be billed at $75 per hour. (It uses the account Fees Receivable to reflect amounts earned but not yet billed.) Then post adjusting entries to their T-accounts. Required a (2). Record any adjusting entries using the financial statement effects template. Balance Sheet Transaction Cash Asset Noncash Assets - Contra-Assets