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 $53,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $15,300 cash. Apr. 10 Purchased $840 of supplies on account. July 1 Received $29,500 cash in advance for services to be provided over the next year. 20 Paid $630 of the accounts payable from April 10. Aug. 15 Billed a customer $10,100 for services provided during August. Sept. 15 Completed a job and received $3,100 cash for services rendered. Oct. 1 Paid employee salaries of $34,500 cash. 15 Received $8,500 cash from accounts receivable. Nov. 16 Billed customers $31,000 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 $2,450 of accrued salaries as of December 31.

31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; $50 was on hand at the end of the period.

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

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