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 Established the business when it acquired $46,000 cash from the issue of common stock. Paid rent for office space for two years, $27,000 cash. Purchased $790 of supplies on account. Received $20,500 cash in advance for services to be provided over the next year. Paid $593 of the accounts payable from April 10. Billed a customer $9,788 for services provided during August. September 15 Completed a job and received $2,680 cash for services rendered. October 1 October 15 November 16 December 1 December 31 December 31 December 31 Paid employee salaries of $35,000 cash. Received $9,300 cash from accounts receivable. Billed customers $32,880 for services rendered on account. Paid a dividend of $1,180 cash to the stockholders. Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,050 of accrued salaries as of December 31. Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; $90 was on hand at the end of the period. c. Prepare a trial balance. Totals SMITH TRAINING COMPANY Trial Balance December 31, Year 1 Account Titles Debit Credit
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 Established the business when it acquired $46,000 cash from the issue of common stock. Paid rent for office space for two years, $27,000 cash. Purchased $790 of supplies on account. Received $20,500 cash in advance for services to be provided over the next year. Paid $593 of the accounts payable from April 10. Billed a customer $9,788 for services provided during August. September 15 Completed a job and received $2,680 cash for services rendered. October 1 October 15 November 16 December 1 December 31 December 31 December 31 Paid employee salaries of $35,000 cash. Received $9,300 cash from accounts receivable. Billed customers $32,880 for services rendered on account. Paid a dividend of $1,180 cash to the stockholders. Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,050 of accrued salaries as of December 31. Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; $90 was on hand at the end of the period. c. Prepare a trial balance. Totals SMITH TRAINING COMPANY Trial Balance December 31, Year 1 Account Titles Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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
Established the business when it acquired $46,000 cash from the issue of common stock.
Paid rent for office space for two years, $27,000 cash.
Purchased $790 of supplies on account.
Received $20,500 cash in advance for services to be provided over the next year.
Paid $593 of the accounts payable from April 10.
Billed a customer $9,788 for services provided during August.
September 15 Completed a job and received $2,680 cash for services rendered.
October 1
October 15
November 16
December 1
December 31
December 31
December 31
Paid employee salaries of $35,000 cash.
Received $9,300 cash from accounts receivable.
Billed customers $32,880 for services rendered on account.
Paid a dividend of $1,180 cash to the stockholders.
Adjusted records to recognize the services provided on the contract of July 1.
Recorded $2,050 of accrued salaries as of December 31.
Recorded the rent expense for the year. (See February 1.)
December 31 Physically counted supplies; $90 was on hand at the end of the period.
c. Prepare a trial balance.
Totals
SMITH TRAINING COMPANY
Trial Balance
December 31, Year 1
Account Titles
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F62c5727c-3152-4c03-a6a6-7228923a7dd1%2Ff98c8c69-6b60-4c17-a232-9fdf94af7b34%2Fxx0omha_processed.png&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
Established the business when it acquired $46,000 cash from the issue of common stock.
Paid rent for office space for two years, $27,000 cash.
Purchased $790 of supplies on account.
Received $20,500 cash in advance for services to be provided over the next year.
Paid $593 of the accounts payable from April 10.
Billed a customer $9,788 for services provided during August.
September 15 Completed a job and received $2,680 cash for services rendered.
October 1
October 15
November 16
December 1
December 31
December 31
December 31
Paid employee salaries of $35,000 cash.
Received $9,300 cash from accounts receivable.
Billed customers $32,880 for services rendered on account.
Paid a dividend of $1,180 cash to the stockholders.
Adjusted records to recognize the services provided on the contract of July 1.
Recorded $2,050 of accrued salaries as of December 31.
Recorded the rent expense for the year. (See February 1.)
December 31 Physically counted supplies; $90 was on hand at the end of the period.
c. Prepare a trial balance.
Totals
SMITH TRAINING COMPANY
Trial Balance
December 31, Year 1
Account Titles
Debit
Credit
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