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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
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 $48,000 cash from the issue of common stock. | |
Feb. | 1 | Paid rent for office space for two years, $17,400 cash. | |
Apr. | 10 | Purchased $870 of supplies on account. | |
July | 1 | Received $20,000 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 $9,500 for services provided during August. | |
Sept. | 15 | Completed a job and received $3,400 cash for services rendered. | |
Oct. | 1 | Paid employee salaries of $35,500 cash. | |
15 | Received $9,000 cash from accounts receivable. | ||
Nov. | 16 | Billed customers $30,000 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 $2,350 of accrued salaries as of December 31. | ||
31 | Recorded the rent expense for the year. (See February 1.) | ||
31 | Physically counted supplies; $80 was on hand at the end of the period. |
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