Required information [The following information applies to the questions displayed below] The following transactions pertain to Smith Training Company for Year 1: January 30 February 1 April 10 July 1 July 201 August 15 September 15 October 1 October 15 November 16 December 1 December 31 Adjusted records to recognize the services provided on the contract of July 1. December 31 Recorded $2,300 of accrued salaries as of December 31. December 31 Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; $80 vas on hand at the end of the period. Totals Established the business when it acquired $49,000 cash from the issue of common stock. Paid rent for office space for two years, $36,000 cash. Purchased $870 of supplies on account. Received $22,000 cash in advance for services to be provided over the next year. Paid $653 of the accounts payable from April 10. Billed a customer 59,800 for services provided during August.. f. Prepare a post-closing trial balance for Year 1. Account Titles Cash Prepaid rent Supplies Accounts receivable Accounts payable Unearned revenue Salaries payable Common stock Retained earnings Completed a job and received $3,000 cash for services rendered. Paid employee salaries of $31,000 cash. Received $8,300 cash from accounts receivable. SMITH TRAINING COMPANY Post-Closing Trial Balance December 31, Year 1 Debit Billed customers $35,500 for services rendered on account. Paid a dividend of $600 cash to the stockholders. $ 0$ Credit 0
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
D1.
![Required information
[The following information applies to the questions displayed below]
The following transactions pertain to Smith Training Company for Year 1:
January 30
February 1
April 10
July 1
July 20
August 15
September 15
October 1
October 15:
November 16
December 1
December 31
December 31
December 31 Recorded the rent expense for the year. (See February 1.)
December 31 Physically counted supplies; $80 was on hand at the end of the period.
Adjusted records to recognize the services provided on the contract of July 1.
Recorded $2,300 of accrued salaries as of December 31.
Totals
Account Titles
Cash
Prepaid rent
Supplies
Accounts receivable
Accounts payable
Unearned revenue
Established the business when it acquired $49,000 cash from the issue of common stock..
Paid rent for office space for two years, $36,000 cash.
Purchased $870 of supplies on account.
f. Prepare a post-closing trial balance for Year 1.
Salaries payable
Common stock
Retained earnings
Received $22,000 cash in advance for services to be provided over the next year.
Paid $653 of the accounts payable from April 10.
Billed a customer 59,800 for services provided during August.
Completed a job and received $3,000 cash for services rendered.
Paid employee salaries of $31,000 cash.
Received $8,300 cash from accounts receivable.
SMITH TRAINING COMPANY
Post-Closing Trial Balance
December 31, Year 1
Billed customers $35,500 for services rendered on account.
Paid a dividend of $600 cash to the stockholders.
$
Debit
0 $
Credit
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