Problem 3-32A Comprehensive problem: single cycle LO 3-1, 3-2, 3-3, 3-4

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The following transactions pertain to Smith Training Company for Year 1:

Jan.	30		Established the business when it acquired $46,000 cash from the issue of common stock.
Feb.	1		Paid rent for office space for two years, $17,100 cash.
Apr.	10		Purchased $900 of supplies on account.
July	1		Received $22,500 cash in advance for services to be provided over the next year.
	20		Paid $675 of the accounts payable from April 10.
Aug.	15		Billed a customer $9,600 for services provided during August.
Sept.	15		Completed a job and received $2,500 cash for services rendered.
Oct.	1		Paid employee salaries of $36,500 cash.
	15		Received $8,300 cash from accounts receivable.
Nov.	16		Billed customers $33,000 for services rendered on account.
Dec.	1		Paid a dividend of $800 cash to the stockholders.
	31		Adjusted records to recognize the services provided on the contract of July 1.
	31		Recorded $2,150 of accrued salaries as of December 31.
	31		Recorded the rent expense for the year. (See February 1.)
	31		Physically counted supplies; $130 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. In the T- accounts, first enter the balances before closing (from Part b), then post the closing entries. (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.) View transaction list View journal entry worksheet No Date General Journal 1 Dec 31 Service revenue Retained earnings Credit Debit 56,350 56,350 1 2 Dec 31 Retained earnings Salaries expense Rent expense Supplies expense 38,650 7,838 770 3 Dec 31 800 Retained earnings Dividends 800 Cash 24,225 17.1001 Balance before closing End. Bal. Accounts Receivable Balance before 0 closing End. Bal. . 7,125 Prepaid Rent 7,838 Supplies 130 0 0 Balance before closing End. Bal. Balance before closing End. Bal. 7,838 130 Accounts Payable 0 Balance before closing End. Bal. Unearned Revenue Balance before 0 11,250 closing End. Bal. 11.250 Balance before closing End. Bal. Salaries Payable 0 38,650 38,650 Balance before closing End. Bal. Common Stock ol 46,000 46,000 Retained Earnings Dividends 0 0 Balance before closing Balance before closing CI CI End. Bal CI 0 0 CI 0 0 of 0 0 800 800 End. Bal. Service Revenue Salaries Expense Balance before closing 0 Balance before closing CI End. Bal. 01 0 oli CI End. Bal. 38,650 38,650 Rent Expense Balance before closing Balance before closing Supplies Expense 900