[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
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![[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.
Transcribed Image Text:c. Prepare a trial balance.
SMITH TRAINING COMPANY
Trial Balance
December 31, Year 1
Account Titles
Debit
Credit
Totals
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