Question
Please help answer the question fully with explanations. The following transactions pertain to Smith Training Company for Year 1: January 30 Established the business when
Please help answer the question fully with explanations.
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 common stock. |
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February 1 | Paid rent for office space for two years, $24,000 cash. |
April 10 | Purchased $3,200 of supplies on account. |
July 1 | Received $24,000 cash in advance for services to be provided over the next year. |
July 20 | Paid $1,500 of the accounts payable from April 10. |
August 15 | Billed a customer $18,000 for services provided during August. |
September 15 | Completed a job and received $8,400 cash for services rendered. |
October 1 | Paid employee salaries of $12,000 cash. |
October 15 | Received $15,000 cash from accounts receivable. |
November 16 | Billed customers $42,000 for services rendered on account. |
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 31 | Physically counted supplies; $280 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.
f. Prepare a post-closing trial balance for December 31, Year 1.
Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 1. Complete this question by entering your answers in the tabs below. Prepare a statement of changes in stockholders' equity for Year 1
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