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 Established the business when it acquired $49,000 cash from the issue of common stock. Paid rent for office space for two years, $30,000 cash. Purchased $760 of supplies on account. Received $25,500 cash in advance for services to be provided over the next year. Paid $570 of the accounts payable from April 10. Billed a customer $9,000 for services provided during August. Completed a job and received $3,500 cash for services rendered. Paid employee salaries of $37,500 cash. Received $8,000 cash from accounts receivable. Billed customers $39,500 for services rendered on account. Paid a dividend of $700 cash to the stockholders. Adjusted records to recognize the services provided on the contract of July 1. December 31 Recorded $2,100 of accrued salaries as of December 31. December 31 Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; $50 was on hand at the end of the period. e. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal and post to the T- accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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 Established the business when it acquired $49,000 cash from the issue of common stock. Paid rent for office space for two years, $30,000 cash. Purchased $760 of supplies on account. Received $25,500 cash in advance for services to be provided over the next year. Paid $570 of the accounts payable from April 10. Billed a customer $9,000 for services provided during August. Completed a job and received $3,500 cash for services rendered. Paid employee salaries of $37,500 cash. Received $8,000 cash from accounts receivable. Billed customers $39,500 for services rendered on account. Paid a dividend of $700 cash to the stockholders. Adjusted records to recognize the services provided on the contract of July 1. December 31 Recorded $2,100 of accrued salaries as of December 31. December 31 Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; $50 was on hand at the end of the period. e. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal and post to the T- accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Vishnu
![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
Established the business when it acquired $49,000 cash from the issue of common
stock.
Paid rent for office space for two years, $30,000 cash.
Purchased $760 of supplies on account.
Received $25,500 cash in advance for services to be provided over the next year.
Paid $570 of the accounts payable from April 10.
Billed a customer $9,000 for services provided during August.
Completed a job and received $3,500 cash for services rendered.
Paid employee salaries of $37,500 cash.
Received $8,000 cash from accounts receivable.
Billed customers $39,500 for services rendered on account.
Paid a dividend of $700 cash to the stockholders.
Adjusted records to recognize the services provided on the contract of July 1.
December 31 Recorded $2,100 of accrued salaries as of December 31.
December 31 Recorded the rent expense for the year. (See February 1.)
December 31 Physically counted supplies; $50 was on hand at the end of the period.
e. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal and post to the T-
accounts.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fce5b0d8b-6fb1-4435-a93b-0c89d8a25e4a%2F019bfddb-1c87-4cf4-affb-180e716da30b%2F0x82nhfh_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
Established the business when it acquired $49,000 cash from the issue of common
stock.
Paid rent for office space for two years, $30,000 cash.
Purchased $760 of supplies on account.
Received $25,500 cash in advance for services to be provided over the next year.
Paid $570 of the accounts payable from April 10.
Billed a customer $9,000 for services provided during August.
Completed a job and received $3,500 cash for services rendered.
Paid employee salaries of $37,500 cash.
Received $8,000 cash from accounts receivable.
Billed customers $39,500 for services rendered on account.
Paid a dividend of $700 cash to the stockholders.
Adjusted records to recognize the services provided on the contract of July 1.
December 31 Recorded $2,100 of accrued salaries as of December 31.
December 31 Recorded the rent expense for the year. (See February 1.)
December 31 Physically counted supplies; $50 was on hand at the end of the period.
e. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal and post to the T-
accounts.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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