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

January 30	Established the business when it acquired $49,000 cash from the issue of common stock.
February 1	Paid rent for office space for two years, $30,000 cash.
April 10	Purchased $820 of supplies on account.
July 1	Received $21,000 cash in advance for services to be provided over the next year.
July 20	Paid $615 of the accounts payable from April 10.
August 15	Billed a customer $9,800 for services provided during August.
September 15	Completed a job and received $2,800 cash for services rendered.
October 1	Paid employee salaries of $33,000 cash.
October 15	Received $8,400 cash from accounts receivable.
November 16	Billed customers $38,500 for services rendered on account.
December 1	Paid a dividend of $800 cash to the stockholders.
December 31	Adjusted records to recognize the services provided on the contract of July 1.
December 31	Recorded $2,450 of accrued salaries as of December 31.
December 31	Recorded the rent expense for the year. (See February 1.)
December 31	Physically counted supplies; $140 was on hand at the end of the period.

b. Post the transactions to T-accounts and calculate the account balances.

\begin{tabular}{|l|l|l|l|} \multicolumn{2}{c}{ Cash } \\ \multicolumn{2}{c|}{ Debit } & \multicolumn{2}{c}{ Credit } \\ \hline Beginning Balance & & & \\ \hline 1/30 & 49,000 & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{2}{c|}{ Accounts Payable } \\ \hline \multicolumn{1}{|c|}{ Debit } & \multicolumn{2}{|c|}{ Credit } \\ \hline Beginning Balance & & \\ \hline & & & \\ \hline & & & \\ \hline & & 0 & 0 \\ \hline \end{tabular}