Practice f. Prepare a post-closing trial balance for Year 1.SMITH TRAINING COMPANYPost-Closing Trial BalanceDecember 31, Year 1Account TitlesDebitCreditTotals [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 commoFeb.1 Paid rent for office space for two years, $33,000 cash.Apr. 10 Purchased $830 of supplies on account.1 Received $21,500 cash in advance for services to be provided over the next yea20 Paid $623 of the accounts payable from April 10.JulyAug. 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.

A post-closing trial balance is a trial balance that is prepared after all the revenue and expenses…

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 commc 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 yea 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 l. 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.

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 commc 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 yea 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 l. 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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 6PB: Prepare a trial balance for Lavender Company using the journal entries in PB5.

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