Required information [The following information applies to the questions displayed below.] The following transactions pertain to...
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Required information [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 $46,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $27,000 cash. Apr. 10 Purchased $800 of supplies on account. July 1 Received $27,000 cash in advance for services to be provided over the next year. 20 Paid $600 of the accounts payable from April 10. Aug. 15 Billed a customer $9,000 for services provided during August. Sept.15 Completed a job and received $3,400 cash for services rendered. Oct. 1 Paid employee salaries of $32,000 cash. 15 Received $9,000 cash from accounts receivable. Nov. 16 Billed customers $36,500 for services rendered on account. Dec. 1 Paid a dividend of $1,000 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,350 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; $150 was on hand at the end of the period. b. Post the transactions to T-accounts and calculate the account balances. Beg. Bal. Cash End. Bal. 0 0 Prepaid Rent Beg. Bal. End. Bal. Accounts Payable Beg. Bal. End. Bal. 0 0 Salaries Payable Beg. Bal. End. Bal. Dividends Beg. Bal. End. Bal. 0 0 Rent Expense Beg. Bal. Beg. Bal. Accounts Receivable End. Bal. 0 0 Supplies Beg. Bal. End. Bal. Unearned Revenue Beg. Bal. 0 0 Common Stock Beg. Bal. End. Bal. Service Revenue Beg. Bal. End. Bal. Salaries Expense Beg. Bal. End. Bal. 0 0 End. Bal. 0 0 Beg. Bal Supplies Expense End. Bal. 0 Required information [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 $46,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $27,000 cash. Apr. 10 Purchased $800 of supplies on account. July 1 Received $27,000 cash in advance for services to be provided over the next year. 20 Paid $600 of the accounts payable from April 10. Aug. 15 Billed a customer $9,000 for services provided during August. Sept.15 Completed a job and received $3,400 cash for services rendered. Oct. 1 Paid employee salaries of $32,000 cash. 15 Received $9,000 cash from accounts receivable. Nov. 16 Billed customers $36,500 for services rendered on account. Dec. 1 Paid a dividend of $1,000 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,350 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; $150 was on hand at the end of the period. b. Post the transactions to T-accounts and calculate the account balances. Beg. Bal. Cash End. Bal. 0 0 Prepaid Rent Beg. Bal. End. Bal. Accounts Payable Beg. Bal. End. Bal. 0 0 Salaries Payable Beg. Bal. End. Bal. Dividends Beg. Bal. End. Bal. 0 0 Rent Expense Beg. Bal. Beg. Bal. Accounts Receivable End. Bal. 0 0 Supplies Beg. Bal. End. Bal. Unearned Revenue Beg. Bal. 0 0 Common Stock Beg. Bal. End. Bal. Service Revenue Beg. Bal. End. Bal. Salaries Expense Beg. Bal. End. Bal. 0 0 End. Bal. 0 0 Beg. Bal Supplies Expense End. Bal. 0
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