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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 : January 30
Required information [The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1 : January 30 Established the business when it acquired $49,000 cash from the issue of common stock. February 1 Paid rent for office space for two years, $30,000 cash. April 10 Purchased $730 of supplies on account. July 1 Received $25,500 cash in advance for services to be provided over the next year. July20August15Paid$548oftheaccountspayablefromApril10.Billedacustomer$9,300forservicesprovidedduringAugust. September 15 Completed a job and received $2,500 cash for services rendered. October 1 Paid employee salaries of $31,500cash. October 15 Received $7,900 cash from accounts receivable. November 16 Billed customers $30,000 for services rendered on account. December 1 Paid a dividend of $1,300 cash to the stockholders. December 31 Adjusted records to recognize the services provided on the contract of July 1. December 31 Recorded $2,400 of accrued salaries as of December 31 . December 31 Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; \$110 was on hand at the end of the period. d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1. Note: Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign
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