Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

any help on this? many thanks in advance!! Required information Problem 3-32A Comprehensive problem: single cycle LO 3-1, 3-2, 3-3, 3-4 [The following information applies

any help on this? many thanks in advance!! image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 $52,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $16,400 cash. Apr. 10 Purchased $870 of supplies on account. July 1 Received $26,500 cash in advance for services to be provided over the next year. 20 Paid $653 of the accounts payable from April 10. Aug. 15 Billed a customer $9,400 for services provided during August. Sept. 15 Completed a job and received $2,800 cash for services rendered. Oct. 1 Paid employee salaries of $34,500 cash. 15 Received $8,700 cash from accounts receivable. Nov. 16 Billed customers $33,000 for services rendered on account. Dec. 1 Paid a dividend of $1,500 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,300 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; $90 was on hand at the end of the period. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar amount.) Answer is not complete. No Date General Journal Debit Credit 1 Dec 31 Service revenue 2 Dec 31 Retained earnings Required information Answer is not complete. Cash Accounts Recolvable Beg. Bal. Beg. Bal End. Bal. End. Bal. Prepaid Rent Supplies Beg. Bal. End. Bal. Beg. Bal. End. Bal. Accounts Payable Unearned Revenue Beg. Bal. End. Bal. Beg. Bai. End. Bal. Salaries Payable Common Stock Beg. Bal. Beg Bal. End. Bal. End. Bal. MacBook Air ! Required information Retained Earnings Dividends Beg. Bal. Cl Beg. Bal. CI CI CI End. Bal. End. Bal. Service Revenue Salaries Expense Beg. Bal. CI Beg. Bal. 5 End. Bal. End. Bal. Rent Expense Supplies Expense Beg. Bal. Beg. Bal CI CI End. Bal. End. Bal

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

ISO 27001 Controls A Guide To Implementing And Auditing

Authors: IT Governance

1st Edition

1787781445, 978-1787781443

More Books

Students also viewed these Accounting questions