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.

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.

Name: Don't give answer in image format 31 Physically counted supplies; $120
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Description: Don't give answer in image format 31 Physically counted supplies; $120 was on hand at the end of the period.c. Prepare a trial balance.TotalsSMITH TRAINING COMPANYTrial BalanceDecember 31, Year 1DebitAccount Titles$Credit0 $0 Required information[The

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter3: Processing Accounting Information

Section: Chapter Questions

Problem 3.15MCE: Journal Entries Following is a list of transactions entered into during the first month of...

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Pomona, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $30,000, 60 day, six percent note on account from R. Elliot. Aug.7 Received payment from R. Elliot on her note (principal plus interest). Sep.1 Received an $18,000, 120 day, seven percent note from B. Shore Company on account. Dec.16 Received a $14,400, 45 day, eight percent note from C. Judd on account. Dec.30 B. Shore Company failed to pay its note. Dec.31 Wrote off B. Shore’s account as uncollectible. Ponoma, Inc. uses the allowance method of providing for credit losses. Dec.31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $24,500. An analysis of aged receivables indicates that the desired balance of the allowance account should be $21,300. Dec.31 Made the appropriate adjusting entries for interest. RequiredRecord the…
Record the Year 1 transactions in general journal form.
Statsen Company, which prepares financial reports at the end of the calendar year, established a branch on July 1, 2020. The following transactions occurred during the formation of the branch and its first six months of operations, ending December 31, 2020. 1. The Home Office sent $35,000 cash to the branch to begin operations. 2. The Home Office shipped inventory to the branch. Intercompany billings totaled $75,000, which was the Home Office's cost. 3. The branch acquired merchandise display equipment which cost $15,000 on July 1, 2020. (Assume that branch fixed assets are carried on the home office books). 4. The branch purchased inventory costing $53,750 from outside vendors on account. 5. The branch had credit sales of $106,250 and cash sales of $43,750. Requirements: 1. Prepare journal entries in the books of the home office and in the books of the branch office for the above transaction
Required Information [The following information applies to the questions displayed below.] During January. Central Storage Company has the following transactions. 1. January 1 Issue 10,000 shares of common stock in exchange for $39,ee0 in cash. 2. January 5 Purchase land for $22,508. A note payable is signed for the full amount. 3. January 9 Purchase storage container equipment for $8,780 cash. 4. January 12 Hire three employees for $2,700 per month. 5. January 18 Receive cash of $12,700 in rental fees for the current nonth. 6. January 23 Purchase office supplies for $2,780 on account. 7. January 31 Pay employees $8,100 for the first month's salaries. 3. Prepare a trial balance. CENTRAL STORAGE COMPANY Trial Balance Accounts Debit Credit Cash Supplies Land Equipment Accounts Payable Notes Payable Common Stock Service Revenue Salaries Expense Totals
Required Information [The following information applies to the questions displayed below.] Fast Deliveries, Incorporated (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below: Assets: Cash Accounts Receivable Supplies Total Assets January 1 2 3 4 5 6 Two employees have been hired, at a monthly salary of $2,900 each. The following transactions occurred during January of the current year. 7 8 9 18 16 20 25 January 31a. 31b. 31c. 31d. 31e. 31f. 31g. $3,600 is paid for 12 months' insurance starting January 1. (Record as an asset.) $3,600 is paid for 12 months of rent beginning January 1. (Record as an asset.) FDI borrows $33,600 cash from First State Bank at 6% annual interest; this note is payable in two years. A delivery van is purchased using cash. Including tax, the total cost was $24,000. Stockholders contribute $8,000 of additional cash to FDI for its common stock. Additional…
Financial Transactions: Journalize the following transactions that occurred during the year: January 1: Received $100,000 cash in exchange for common stock. January 1: Purchased a delivery truck for $36,000 by paying $6,000 in cash and signing a note f remainder. January 15: Purchased $1,200 of supplies on account July 1: Paid $12,000 for an annual insurance policy. December 31: Made sales of $500,000 on the account. The Cost of Goods Sold was $300,000.
Financial Transactions: Journalize the following transactions that occurred during the year: January 1: Received $100,000 cash in exchange for common stock. January 1: Purchased a delivery truck for $36,000 by paying $6,000 in cash and signing a note for the remainder. January 15: Purchased $1,200 of supplies on account July 1: Paid $12,000 for an annual insurance policy. December 31: Made sales of $500,000 on account. The Cost of Goods Sold was $300,000. GENERAL JOURNAL Page Date Description Post Debit Credit 1 4 4 6. 7 8. 8. 9. 9. 10 10 11 11 12 12 13 13 14 14 15 15 16 17 17 18 18 1 23 5678 23A 567
The following transactions occurred at the Dalsy King Ice Cream Company. 1. Started business by Issuing 10,000 shares of common stock for $32,000. 2. Leased a building for three years at $620 per month and pald six months' rent in advance. 3. Purchased equipment for $6,600, signing a two-year, 10% note. 4. Purchased $3,000 of supplies on account. 5. Recorded cash sales of $2,000 for the first week. 6. Paid weekly salaries, $920. 7. Paid for supples purchased in item (4). 8. Recorded depreciation on equipment, $80. Required: Prepare journal entries to record each of the transactions listed above. (If no entry is required for a transaction/event journal entry required" in the first account field.)
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A company had the following transactions during September, the first month of its operations: ● • Issued 20,000 shares of common stock in exchange for $560,000. • Purchased equipment for $280,000, using a $140,000 cash down payment and signing a note payable for the balance. • Received $1,400 from a customer for services to be performed in November. • Total monthly sales: Cash sales $70,000 Credit Sales (Acct. Receivable): $25,200 · • Purchased supplies on credit for $32,200. • Made a $42,000 payment on the note payable from the purchase of the land. • Collected $11,200 from customers on account. . • Paid $3,500 for September employee wages. • Received a utility bill for $700 which will be paid next month. What is total stockholders' equity at the end of September? Select one: O O O O O a. $655,200 b. $625,800 C. $560,000 d. $783,300 e. $651,000