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Required information [ The following information applies to the questions displayed below. ] The following transactions pertain to Smith Training Company for Year 1 :

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Required information
[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 $55,000 cash from the issue of common stock.
Feb. 1 Paid rent for office space for two years, $36,000 cash.
Apr. 10 Purchased $770 of supplies on account.
July 1 Received $28,500 cash in advance for services to be provided over the next year.
20 Paid $578 of the accounts payable from April 10.
Aug. 15 Billed a customer $9,200 for services provided during August.
Sept. 15 Completed a job and received $3,400 cash for services rendered.
0ct.1 Paid employee salaries of $31,000 cash.
15 Received $7,600 cash from accounts receivable.
Nov. 16 Billed customers $39,500 for services rendered on account.
Dec. 1 Paid a dividend of $1,300 cash to the stockholders.
31 Adjusted records to recognize the services provided on the contract of July 1.
31 Recorded $2,250 of accrued salaries as of December 31.
31 Recorded the rent expense for the year. (See February 1.)
31 Physically counted supplies; $110 was on hand at the end of the period.
e. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal and post to the T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Journal entry worksheet
1
2
3
Record the closure of service revenue.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[Dec 31,,,i.],[,,,],[,,,],[,.,-,],[,,,]]
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