! Required information The following information applies to the questions displayed below] The following transactions pertain to Smith Training Company for Year 1: Feb. Jan. 30 Established the business when it acquired 547,800 cash from the issue of common stock. 1 Paid rent for office space for two years, $15,800 cash. Apr. 10 Purchased $790 of supplies on account. July 1 Received $29,500 cash in advance for services to be provided over the next year. 20 Paid $593 of the accounts payable from April 10. Aug. 15 Billed a customer $9,800 for services provided during August. Sept. 15 Completed a job and received $3,300 cash for services rendered. Oct. 1 Paid employee salaries of $30,580 cash. 15 Received $9,200 cash from accounts receivable. Nov. 16 Billed customers $38,000 for services rendered on account. Dec. 1 Paid a dividend of $1,000 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; $90 was on hand at the end of the period. b. Post the transactions to T-accounts and calculate the account balances. (Note: The balances before closing must be transferred to the T-accounts in Parte) (Round your answers to the nearest whole dollar amount.) Accounts Receivable Cash Beg Bal Beg Bal 0 Balance before closing Balance before closing Supplies Prepold Rent Beg Bal Beg Bal Balance before closing Balance before closing Uncamed Revenue Accounts Payable Beg Bal Beg Bal Balance before closing Balance before closing Salaries Payable Common Stock Beg Bal Beg Bar Balance before closing Balance before closing Dividends Service Revenue Beg Bal Beg Bal Balance before closing 0 Balance before closing 0 0 Rent Expense Salaries Expense Beg Bal Beg Bal Balance before closing 0 Balance before closing 0 Supplies Expense Beg Bal Balance before closing SMITH TRAINING COMPANY Trial Balance December 31, Year 1 Account Titles Debit Credit Totals $ 0 $ 0 SMITH TRAINING COMPANY Financial Statements For the Year Ended December 31, Year 1 Income Statement Expenses Total expenses 0 $ 0 Statement of Changes in Stockholders' Equity 0 0 Total Stockholders Equity $ 0 SMITH TRAINING COMPANY Balance Sheet As of December 31, Year 1 Assets $ 0 Total assets Liabilities $ Total liabilities Stockholders' Equity Total stockholders equity Total liabilities and stockholders' equity $ 0 SMITH TRAINING COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities: $ 0 Net cash flow from operating activities Cash flow from investing activities Cash flows from financing activities. Net cash flow from financing activities 0 0 Ending cash balance $ 0 Journal entry worksheet
