[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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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