6 Part 5 of 10 points Required information Problem 3-32A Comprehensive problem: single cycle LO 3-1, 3-2, 3-3, 3-4 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 $45,000 cash from the issue of common stock. Feb 1 Paid rent for office space for two years. $24,000 cash Apr. 10 Purchased $3,200 of supplies on account July 1 Received $24,000 cash in advance for services to be provided over the next year 20 Paid $1,500 of the accounts payable from April 10. Aug 15 Billed a customer $10,000 for services provided during August Sept. 15 Completed a job and received $8,400 cash for services rendered Oct. 1 Paid employee salaries of $12,000 cash. 15 Received $15,000 cash from accounts receivable Nov. 16 Billed customers 542,000 for services rendered on account. Dec. 1 Paid dividend of $15,000 cash to the stockholders 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $3,600 of accrued salaries as of December 31 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; $280 was on hand at the end of the period References Problem 3-32A Parte e. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal and post to the T-accounts. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.)