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Totals Account Titles Cash Supplies Accounts receivable Prepaid rent Accounts payable Salaries payable Common stock Dividends Service revenue Salaries expense Rent expense Supplies expense Show Transcribed Text 20 Aug. 15 Sept. 15 Oct. 1 15 Nov. 16 SMITH TRAINING COMPANY Trial Balance December 31, Year 1 Debit Dec. 1 Jan. 30 Established the business when it acquired $53,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $24,000 cash. Apr. 10 Purchased $720 of supplies on account. July 1 Received $21,000 cash in advance for services to be provided over the next year. Paid $540 of the accounts payable from April 10. Billed a customer $9,000 for services provided during August. Completed a job and received $3,500 cash for services rendered. Paid employee salaries of $38,000 cash. Received $8,700 cash from accounts receivable. Billed customers $37,000 for services rendered on account. Paid a dividend of $1,000 cash to the stockholders. Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,050 of accrued salaries as of December 31. Recorded the rent expense for the year. (See February 1.) Physically counted supplies; $120 was on hand at the end of the period. 31 31 31 31 $ 0 $ Credit 0

Totals Account Titles Cash Supplies Accounts receivable Prepaid rent Accounts payable Salaries payable Common stock Dividends Service revenue Salaries expense Rent expense Supplies expense Show Transcribed Text 20 Aug. 15 Sept. 15 Oct. 1 15 Nov. 16 SMITH TRAINING COMPANY Trial Balance December 31, Year 1 Debit Dec. 1 Jan. 30 Established the business when it acquired $53,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $24,000 cash. Apr. 10 Purchased $720 of supplies on account. July 1 Received $21,000 cash in advance for services to be provided over the next year. Paid $540 of the accounts payable from April 10. Billed a customer $9,000 for services provided during August. Completed a job and received $3,500 cash for services rendered. Paid employee salaries of $38,000 cash. Received $8,700 cash from accounts receivable. Billed customers $37,000 for services rendered on account. Paid a dividend of $1,000 cash to the stockholders. Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,050 of accrued salaries as of December 31. Recorded the rent expense for the year. (See February 1.) Physically counted supplies; $120 was on hand at the end of the period. 31 31 31 31 $ 0 $ Credit 0

FINANCIAL ACCOUNTING
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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Account Titles Cash Supplies Accounts receivable Prepaid rent Accounts payable Salaries payable Common stock Dividends Totals Service revenue Salaries expense Rent expense Supplies expense Show Transcribed Text 10 SMITH TRAINING COMPANY Trial Balance December 31, Year 1 Debit 1 20 Aug. 15 Sept. 15 Oct. 1 Jan. 30 Established the business when it acquired $53,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $24,000 cash. Apr. Purchased $720 of supplies on account. July Received $21,000 cash in advance for services to be provided over the next year. Paid $540 of the accounts payable from April 10. Billed a customer $9,000 for services provided during August. Completed a job and received $3,500 cash for services rendered. Paid employee salaries of $38,000 cash. Received $8,700 cash from accounts receivable. Billed customers $37,000 for services rendered on account. Paid a dividend of $1,000 cash to the stockholders. Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,050 of accrued salaries as of December 31. 15 Nov. 16 Dec. 1 31 31 31 31 $ Credit 0 $ 0 Recorded the rent expense for the year. (See February 1.) Physically counted supplies; $120 was on hand at the end of the period.
Transcribed Image Text:Account Titles Cash Supplies Accounts receivable Prepaid rent Accounts payable Salaries payable Common stock Dividends Totals Service revenue Salaries expense Rent expense Supplies expense Show Transcribed Text 10 SMITH TRAINING COMPANY Trial Balance December 31, Year 1 Debit 1 20 Aug. 15 Sept. 15 Oct. 1 Jan. 30 Established the business when it acquired $53,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $24,000 cash. Apr. Purchased $720 of supplies on account. July Received $21,000 cash in advance for services to be provided over the next year. Paid $540 of the accounts payable from April 10. Billed a customer $9,000 for services provided during August. Completed a job and received $3,500 cash for services rendered. Paid employee salaries of $38,000 cash. Received $8,700 cash from accounts receivable. Billed customers $37,000 for services rendered on account. Paid a dividend of $1,000 cash to the stockholders. Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,050 of accrued salaries as of December 31. 15 Nov. 16 Dec. 1 31 31 31 31 $ Credit 0 $ 0 Recorded the rent expense for the year. (See February 1.) Physically counted supplies; $120 was on hand at the end of the period.
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