Chapter 3 Homework-Algo 5 DO 3 The following transactions pertain to Smith Training Company for Year 1 January 30 Established the business when it acquired $45,000 cash from the issue of com February 1 Paid rent for effice space for two years, $24,000 cash. April 10 Purchased $5,200 of supplies on account. July P 24,000 cash in advance for services to be provided over the next year. July 20 Paid $1,500 of the accounts payable from Apr 1 August 15 Billed customer $18,000 for services provided during Apist job and received $5,400 cash for services rendered. October 1 Paid employee salaries of $12,000 cash. October 15 Received $15,000 cash from accounts receivable. December 1 Paid a dividend of $15,000 cash to the stockholders. December 31 Adjusted records to recognize the services provided on the contract of July 1. December 31 Recorded $3,600 of accrued salaries as of December 31. December 31 Recorded the rent expense for the year. (See February 1.) December 11 Physically counted supplies; $200 was on hand at the end of the period. Required 6. Record the preceding transactions in the general journal b. Post the transactions to Taccounts. (You will also post the closing entries in Reg E to these T-accounts) e. 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 joumal f. Prepare a post-closing trial balance for December 31, Year 1 Help Save & Ext Subma Check my work