Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Record the closure of service revenue. 2. Record the closure of expense accounts. 3. Record the closure of the dividends account. The following transactions

image text in transcribed

1. Record the closure of service revenue.

2. Record the closure of expense accounts.

3. Record the closure of the dividends account.

The following transactions pertain to Smlth Training Company for Year 1 : January 30 Established the business when it acquired $53, e0e cash from the issue of cormon stock. February 1 Paid rent for office space for two years, $33, e0e cash. Apri1 10 Purchased $760 of supplies on account. July 1 Received $23, e0e cash in advance for services to be provided over the next year. July 20 Paid $570 of the accounts payable from April 10. August 15 Billed a custoner $19,269 for services provided during August. September 15 Conpleted a job and received $3,290 cash for services rendered. October 1 Paid enployee salaries of $34,00 cash. October 15 Received $8,6e0 cash from accounts recelvable. Novenber 16 Billed customers $31,500 for services rendered on account. December 1 Paid a dividend of $1,169 cash to the stockholders. December 31 Adjusted records to recognize the services provided on the contract of July 1. December 31 Recorded $2,160 of accrued salaries as of December 31 . December 31 Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; $90 was on hand at the end of the period. e. Record the entrles to close the Year 1 temporary accounts to Retained Earnings in the general journal and post to the T-accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wiley CPAexcel Exam Review April Study Guide Regulation 2017

Authors: Wiley

2nd Edition

1119369436, 978-1119369431

More Books

Students also viewed these Accounting questions