Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 $54,000 cash from the issue of common stock.
Feb. 1 Paid rent for office space for two years, $16,200 cash.
Apr. 10 Purchased $740 of supplies on account.
July 1 Received $27,500 cash in advance for services to be provided over the next year.
20 Paid $555 of the accounts payable from April 10.
Aug. 15 Billed a customer $10,000 for services provided during August.
Sept. 15 Completed a job and received $3,000 cash for services rendered.
Oct. 1 Paid employee salaries of $33,500 cash.
15 Received $9,300 cash from accounts receivable.
Nov. 16 Billed customers $36,500 for services rendered on account.
Dec. 1 Paid a dividend of $700 cash to the stockholders.
31 Adjusted records to recognize the services provided on the contract of July 1.
31 Recorded $2,150 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.

Required a. Record the preceding transactions in the general journal, in the given order. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Inventory

Authors: Steven M. Bragg

4th Edition

1642210714, 9781642210712

More Books

Students also viewed these Accounting questions

Question

Why are employees considering union representation?

Answered: 1 week ago

Question

What is the total annual turnover rate?

Answered: 1 week ago