Question
All of my answers but it shows as INCOMPLETE issue ONLY: I need attention in completing the incomplete sections the following transactions pertain to Smith
All of my answers but it shows as INCOMPLETE issue ONLY: I need attention in completing the incomplete sections
the following transactions pertain to Smith Training Company for Year 1:
January 30 | Established the business when it acquired $54,000 cash from the issue of common stock. |
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February 1 | Paid rent for office space for two years, $16,400 cash. |
April 10 | Purchased $770 of supplies on account. |
July 1 | Received $29,500 cash in advance for services to be provided over the next year. |
July 20 | Paid $578 of the accounts payable from April 10. |
August 15 | Billed a customer $9,700 for services provided during August. |
September 15 | Completed a job and received $3,100 cash for services rendered. |
October 1 | Paid employee salaries of $37,500 cash. |
October 15 | Received $7,600 cash from accounts receivable. |
November 16 | Billed customers $32,000 for services rendered on account. |
December 1 | Paid a dividend of $1,000 cash to the stockholders. |
December 31 | Adjusted records to recognize the services provided on the contract of July 1. |
December 31 | Recorded $2,300 of accrued salaries as of December 31. |
December 31 | Recorded the rent expense for the year. (See February 1.) |
December 31 | Physically counted supplies; $70 was on hand at the end of the period. |
Required a. Record the preceding transactions in the general journal.
b. Post the transactions to T-accounts. (You will also post the closing entries in Req E to these T-accounts.)
c. Prepare an adjusted Trial Balance.
d-1. Prepare an income statement for Year 1.
d-2. Prepare a statement of changes in stockholders' equity for Year 1.
d-3. Prepare a balance sheet for Year 1.
d-4. Prepare a statement of cash flows for Year 1.
e. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal and post to the T-accounts.
f. Prepare a post-closing trial balance for December 31, Year 1.
Req A Req B Req C Req D1 Req D2 Req D3 Req D4 Req E Req F Record the preceding transactions in the general journal. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 5 6 8 15 Established the business when it acquired $54,000 cash from the issue of common stock. Note: Enter debits before credits. Date General Journal Debit Credit Jan 30 Cash Y 54,000 Common stock 54,000Req A Req B Reg C Req D1 Req D2 Req D3 Req D4 Req E Req F Record the preceding transactions in the general journal. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 5 6 8 15 Paid rent for office space for two years, $16,400 cash. Note: Enter debits before credits. Date General Journal Debit Credit Feb 01 Prepaid rent 16,400 Cash 16,400Req A Req B Reg C Req D1 Req D2 Req D3 Req D4 Req E Req F Record the preceding transactions in the general journal. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 3 5 6 8 15 Purchased $770 of supplies on account. Note: Enter debits before credits. Date General Journal Debit Credit Apr 10 Supplies 770 Accounts payable 770Req A Req B Req C Req D1 Req D2 Req D3 Req D4 Req E Req F Record the preceding transactions in the general journal. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Paid employee salaries of $37,500 cash. Note: Enter debits before credits. Req A Req B Req C Req D1 Req D2 Req D3 Req D4 Req E Req F Record the preceding transactions in the general journal. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Physically counted supplies; $70 was on hand at the end of the period. Note: Enter debits before credits. Supplies expense Req A Req B Req C Req D1 Req D2 Req D3 Req D4 Req E Req F Post the transactions to T-accounts. (You will also post the closing entries in Req E to these T-accounts.) Cash Accounts Receivable Beg. Bal. 16,400 Beg. Bal. 7.600 1/30 54,000 2/1 8/15 9.700 10/15 7/1 26,000 37,500 7/20 11/16 32,000 9/15 2,600 1,000 10/1 34, 100 10/15 7,900 12/1 End. Bal. 68,200 End. Bal. 35,600 Prepaid Rent Supplies Beg. Bal. 7,517 Beg. Bal. 700 2/1 16,400 12/31 4/10 770 12/31 End. Bal. 8,883 End. Bal. 70Accounts Payable Unearned Revenue Beg. Bal. 578 Beg. Bal. 14,750 4/10 770 12/31 29,500 End. Bal. 192 14,750 Salaries Payable Common Stock Beg. Bal. Beg. Bal. 12/31 2,300 1/30 54,000 End. Bal. 2,300 End. Bal. 54,000 Retained Earnings Dividends Beg. Bal. Beg. Bal. 1,000 12/31 48,017 12/31 1,000 12/31 1,000 59,550 12/1 End. Bal. 10,533 End. Bal.\fReq A Req B Req C Req D1 Req D2 Req D3 Req D4 Req E Req F Prepare an adjusted Trial Balance. (Round your final answers to the nearest whole dollar amount.) SMITH TRAINING COMPANY Trial Balance December 31, Year 1 Account Titles Debit Credit Cash $ 38,722 Accounts receivable 34, 100 Prepaid rent 8,883 Supplies 70 Accounts payable 192 Unearned revenue 14,750 Salaries payable 2,300 Common stock 54,000 Dividends 1,000 Service revenue 59,550 Salaries expense 39,800 Supplies expense 700 Rent expense 7,517 Totals $ 130,792 $ 130,792Req A Req B Req C Req D1 Req D2 Req D3 Req D4 Req E Req F Prepare an income statement for Year 1. SMITH TRAINING COMPANY Income Statement For the Year Ended December 31, Year 1 Service revenue $ 59,550 Expenses Salaries expense $ 39,800 Supplies expense 700 Rent expense 7,517 Total expenses 48,017 Net income $ 11,533Req A Req B Req C Req D1 Req D2 Req D3 Req D4 Req E Req F Prepare a statement of changes in stockholders' equity for Year 1. SMITH TRAINING COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Beginning common stock Plus: Stock issued 54,000 Ending common stock 64,000 Beginning retained earnings Plus: Net income 11,533 Less: Dividends 1,000 Ending retained earnings 10,533 Total Stockholders' Equity $ 64,533Keq A Keq D keq c keq DI Keq DZ Keq Us Keq D4 Keq E keq r Prepare a balance sheet for Year 1. SMITH TRAINING COMPANY Balance Sheet As of December 31, Year 1 Assets Cash $ 38,722 Accounts receivable 34, 100 Prepaid rent 8.883 Supplies 70 Total assets $ 81,775 Liabilities Accounts payable $ 192 Unearned revenue 14,750 Salaries payable 2,300 Total liabilities $ 17,242 Stockholders' Equity Common stock $ 54,000 Retained earnings 10,533 Total stockholders' equity 64,533 Total liabilities and stockholders' eauitv $ 81,775Req A Req B Req C Req D1 Req D2 Req D3 Req D4 Req E Req F Prepare a statement of cash flows for Year 1. (Enter cash outflows with a minus sign.) SMITH TRAINING COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities: Received from customers $ 40,200 Paid for expenses (54,478) Net cash flow from operating activities $ (14,278) Cash flow from investing activities: Net cash flow from investing activities $ 0 Cash flows from financing activities: Received from stock issue $ 54,000 Paid for dividends (1,000) Net cash flow from financing activities 53,000 38,722 Ending cash balance $ 38,722Req A Req B Req C Req D1 Req D2 Req D3 Req D4 Req E Req F Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the closing entry for revenues. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Service revenue 59,550 Retained earnings 59,550Req A Req B Req C Req D1 Req D2 Req D3 Req D4 Req E Req F Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the closing entry for expenses. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Retained earnings 48,017 Salaries expense 39,800 Supplies expense 700 Rent expense 7,517Req A Req B Req C Req D1 Req D2 Req D3 Req D4 Req E Req F Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheetStep by Step Solution
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