6 The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $47,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $27,000 cash. Apr. 10 Purchased $760 of supplies on account. July 1 Received $27,000 cash in advance for services to be provided over the next year. 20 Paid $570 of the accounts payable from April 10. Aug. 15 Billed a customer $9,700 for services provided during August. Sept.15 Completed a job and received $3,400 cash for services rendered. Oct. 1 Paid employee salaries of $37,000 cash. 15 Received $9,400 cash from accounts receivable. Nov. 16 Billed customers $33,500 for services rendered on account. Dec. 1 Paid a dividend of $900 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,000 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; $70 was on hand at the end of the period. b. Post the transactions to T-accounts and calculate the account balances. ces Beg. Bal End. Bal. Cash Beg. Bal End. Bal Accounts Receivable Prepaid Rent Beg. Bal Supplies Beg. Bal End. Bal. End. Bal. Accounts Payable Unearned Revenue Beg. Bal. Beg. Bal End. Bal. Salaries Payable Common Stock Beg. Bal Beg. Bal. Fnd Ral Fnd Ral < Prev 3 4 8 in 5 7