[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 $52,000 cash from the issue of common stock. 1 Paid rent for office space for two years, $33,000 cash. Feb. Apr. 10 Purchased $830 of supplies on account. July 1 Received $21,500 cash in advance for services to be provided over the next year. 20 Paid $623 of the accounts payable from April 10. Aug. 15 Billed a customer $9,400 for services provided during August. Sept.15 Completed a job and received $2,700 cash for services rendered. 1 Paid employee salaries of $34,000 cash. 15 Received $9,100 cash from accounts receivable. Nov. 16 Billed customers $31,500 for services rendered on account. 1 Paid a dividend of $1,500 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,150 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; $80 was on hand at the end of the period. Oct. Dec.
[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 $52,000 cash from the issue of common stock. 1 Paid rent for office space for two years, $33,000 cash. Feb. Apr. 10 Purchased $830 of supplies on account. July 1 Received $21,500 cash in advance for services to be provided over the next year. 20 Paid $623 of the accounts payable from April 10. Aug. 15 Billed a customer $9,400 for services provided during August. Sept.15 Completed a job and received $2,700 cash for services rendered. 1 Paid employee salaries of $34,000 cash. 15 Received $9,100 cash from accounts receivable. Nov. 16 Billed customers $31,500 for services rendered on account. 1 Paid a dividend of $1,500 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,150 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; $80 was on hand at the end of the period. Oct. Dec.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Practice
![[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 $52,000 cash from the issue of common stock.
Feb.
1 Paid rent for office space for two years, $33,000 cash.
Apr. 10 Purchased $830 of supplies on account.
July
1 Received $21,500 cash in advance for services to be provided over the next year.
20 Paid $623 of the accounts payable from April 10.
Aug. 15 Billed a customer $9,400 for services provided during August.
Sept.15 Completed a job and received $2,700 cash for services rendered.
1 Paid employee salaries of $34,000 cash.
15 Received $9,100 cash from accounts receivable.
Oct.
Nov. 16 Billed customers $31,500 for services rendered on account.
1 Paid a dividend of $1,500 cash to the stockholders.
31 Adjusted records to recognize the services provided on the contract of July 1.
31 Recorded $2,150 of accrued salaries as of December 31.
31 Recorded the rent expense for the year. (See February 1.)
31 Physically counted supplies; $80 was on hand at the end of the period.
Dec.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdf9c49b9-ebc3-4254-9011-25d5959a8511%2F2f7fe7ba-626a-4804-9d68-d972e15b3bf4%2F4adctnv_processed.png&w=3840&q=75)
Transcribed Image Text:[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 $52,000 cash from the issue of common stock.
Feb.
1 Paid rent for office space for two years, $33,000 cash.
Apr. 10 Purchased $830 of supplies on account.
July
1 Received $21,500 cash in advance for services to be provided over the next year.
20 Paid $623 of the accounts payable from April 10.
Aug. 15 Billed a customer $9,400 for services provided during August.
Sept.15 Completed a job and received $2,700 cash for services rendered.
1 Paid employee salaries of $34,000 cash.
15 Received $9,100 cash from accounts receivable.
Oct.
Nov. 16 Billed customers $31,500 for services rendered on account.
1 Paid a dividend of $1,500 cash to the stockholders.
31 Adjusted records to recognize the services provided on the contract of July 1.
31 Recorded $2,150 of accrued salaries as of December 31.
31 Recorded the rent expense for the year. (See February 1.)
31 Physically counted supplies; $80 was on hand at the end of the period.
Dec.
![c. Prepare a trial balance.
SMITH TRAINING COMPANY
Trial Balance
December 31, Year 1
Account Titles
Debit
Credit
Totals](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdf9c49b9-ebc3-4254-9011-25d5959a8511%2F2f7fe7ba-626a-4804-9d68-d972e15b3bf4%2Fznma1s_processed.png&w=3840&q=75)
Transcribed Image Text:c. Prepare a trial balance.
SMITH TRAINING COMPANY
Trial Balance
December 31, Year 1
Account Titles
Debit
Credit
Totals
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
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 3 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
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](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education