[The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Feb. 1 Apr. 10 July 1 20 Aug. 15 Sept. 15 Oct. 1 15 Nov. 16 Dec. 1 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 $700 of supplies on account. Received $25,500 cash in advance for services to be provided over the next year. Paid $525 of the accounts payable from April 10. Billed a customer $10,000 for services provided during August. Completed a job and received $3,300 cash for services rendered. Paid employee salaries of $33,000 cash. Received $8,400 cash from accounts receivable. Billed customers $30,500 for services rendered on account. Paid a dividend of $1,500 cash to the stockholders. Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,400 of accrued salaries as of December 31. Recorded the rent expense for the year. (See February 1.) Physically counted supplies; $140 was on hand at the end of the period. 31 31 31 31 b. Post the transactions to T-accounts and calculate the account balances.
[The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Feb. 1 Apr. 10 July 1 20 Aug. 15 Sept. 15 Oct. 1 15 Nov. 16 Dec. 1 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 $700 of supplies on account. Received $25,500 cash in advance for services to be provided over the next year. Paid $525 of the accounts payable from April 10. Billed a customer $10,000 for services provided during August. Completed a job and received $3,300 cash for services rendered. Paid employee salaries of $33,000 cash. Received $8,400 cash from accounts receivable. Billed customers $30,500 for services rendered on account. Paid a dividend of $1,500 cash to the stockholders. Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,400 of accrued salaries as of December 31. Recorded the rent expense for the year. (See February 1.) Physically counted supplies; $140 was on hand at the end of the period. 31 31 31 31 b. Post the transactions to T-accounts and calculate the account balances.
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...
Related questions
Question
dont give answer in image format
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
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: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,