Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Chapter The following transactions pertain to Smith Training Company for 2016 Jan. 30Established business when it acquired $45,000 cash from issue of common stock. Feb.
Chapter The following transactions pertain to Smith Training Company for 2016 Jan. 30Established business when it acquired $45,000 cash from issue of common stock. Feb. 1Paid rent for office space for two years, $24,000 cash. Apr. 10 Purchased $3,200 of supplies on account. July. I Received $24,000 cash in advance for services to be provided over the next year. Paid S1,500 of the accounts payable from April 10. 20 Aug. 15 Sept. 15 Billed a customer $18,000 for services provided during August Completed a job and received $8,400 cash for services rendered. Paid employee salaries of $12,000 cash. Received $15,000 cash from accounts receivable. Oct. 1 15 Nov. 16 Billed customers $42,000 for services rendered on account Dec. 1 31 31 31 31 Paid a dividend of $15,000 cash to the stockholders. Adjusted records to recognize the services provided on the contract of July 1. Recorded $3,600 of accrued salaries as of December 31. Recorded the rent expense for the year. (See February L.) Physically counted supplies; $280 was on hand at the end of the period. Required: Record the preceding transactions in the general journal, in the given order. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No required in the first account field.) journal entry
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started