Required information [The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1: . Jan. 30 Established the business when it acquired $46,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $33,000 cash. Apr. 10 Purchased $820 of supplies on account. July 1 Received $21,000 cash in advance for services to be provided over the next year. 20 Paid $615 of the accounts payable from April 10. Aug. 15 Billed a customer $9,800 for services provided during August. Sept.15 Completed a job and received $3,000 cash for services Oct. 1 Paid employee salaries of $37,500 cash. rendered. 15 Received $8,800 cash from accounts receivable. Nov. 16 Billed customers $34,000 for services rendered on account. Dec. 1 Paid a dividend of $800 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,250 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; $120 was on hand at the end of the period.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question

Don't give answer in image format 

31 Physically counted supplies; $120 was on hand at the end of the period.
c. Prepare a trial balance.
Totals
SMITH TRAINING COMPANY
Trial Balance
December 31, Year 1
Debit
Account Titles
$
Credit
0 $
0
Transcribed Image Text:31 Physically counted supplies; $120 was on hand at the end of the period. c. Prepare a trial balance. Totals SMITH TRAINING COMPANY Trial Balance December 31, Year 1 Debit Account Titles $ Credit 0 $ 0
Required information
[The following information applies to the questions displayed below.]
The following transactions pertain to Smith Training Company for Year 1:
Jan. 30 Established the business when it acquired $46,000 cash from the issue of common stock.
Feb. 1 Paid rent for office space for two years, $33,000 cash.
Apr. 10 Purchased $820 of supplies on account.
July 1 Received $21,000 cash in advance for services to be provided over the next year.
20 Paid $615 of the accounts payable from April 10.
Aug. 15 Billed a customer $9,800 for services provided during August.
Sept.15 Completed a job and received $3,000 cash for services rendered.
Oct.
1 Paid employee salaries of $37,500 cash.
15 Received $8,800 cash from accounts receivable.
Nov. 16 Billed customers $34,000 for services rendered on acco t.
Dec. 1 Paid a dividend of $800 cash to the stockholders.
31 Adjusted records to recognize the services provided on the contract of July 1.
31 Recorded $2,250 of accrued salaries as of December 31.
.
31 Recorded the rent expense for the year. (See February 1.)
31 Physically counted supplies; $120 was on hand at the end of the period.
c. Prepare a trial balance.
SMITH TRAINING COMPANY
Trial Balance
December 31, Year 1
Debit
Account Titles
Credit
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: Jan. 30 Established the business when it acquired $46,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $33,000 cash. Apr. 10 Purchased $820 of supplies on account. July 1 Received $21,000 cash in advance for services to be provided over the next year. 20 Paid $615 of the accounts payable from April 10. Aug. 15 Billed a customer $9,800 for services provided during August. Sept.15 Completed a job and received $3,000 cash for services rendered. Oct. 1 Paid employee salaries of $37,500 cash. 15 Received $8,800 cash from accounts receivable. Nov. 16 Billed customers $34,000 for services rendered on acco t. Dec. 1 Paid a dividend of $800 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,250 of accrued salaries as of December 31. . 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; $120 was on hand at the end of the period. c. Prepare a trial balance. SMITH TRAINING COMPANY Trial Balance December 31, Year 1 Debit Account Titles Credit
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education