! Required information [The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1: January 30 February 1 April 10 July 1 July 20 August 15 September 15 October 1 October 15 November 16 December 1 December 31 December 31 December 31 December 31 Established the business when it acquired $46,000 cash from the issue of common stock. Paid rent for office space for two years, $27,000 cash. Purchased $790 of supplies on account. Received $20,500 cash in advance for services to be provided over the next year. Paid $593 of the accounts payable from April 10. Billed a customer $9,700 for services provided during August. Completed a job and received $2,600 cash for services rendered. Paid employee salaries of $35,000 cash. Received $9,300 cash from accounts receivable. Billed customers $32,000 for services rendered on account. Paid a dividend of $1,100 cash to the stockholders. Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,050 of accrued salaries as of December 31. Recorded the rent expense for the year. (See February 1.) Physically counted supplies; $90 was on hand at the end of the period.