Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Saxod Required information [The following information applies to the questions displayed below. The following transactions pertain to Smith Training Company for Year 1: Jan. 30

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Saxod 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 $48,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $16, 600 cash. Apr. 10 Purchased $740 of supplies on account. July 1 Received $22,000 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 $2,700 cash for services rendered Oct. 1 Paid employee salaries of $34,000 cash. 15 Received $9,200 cash from accounts receivable. Nov. 16 Billed customers $30,500 for services rendered on account. Dec. 1 Paid a dividend of $500 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,400 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies: $140 was on hand at the end of the period. b. Post the transactions to T-accounts and calculate the account balances. (Round your answers to the nearest whole dollar amount.) Cash Accounts Receivable Beg Bal Bog Bal 0/30 71 8/15 11/16 Required information Cash Accounts Recalvable Beg Bal 18/15 Beg Bal 1/30 7/1 19/15 10/15 11/16 End Bal End Bal 0 0 Prepaid Rent Supplies Beg Bal 2/1 Beg Bal 4/10 End, Bal 0 0 End. Bal Accounts Payable Uneamed Revenue Beg Bal Beg. Bal 12/31 11/20 End Bal 0 0 0 0 Salaries Payable Common Stock UUUU Maps VSC Save 2 Required information Salaries Payable Common Stock art 2 of 6 Beg Bal Beg Bal End Bal 0 End Bal 0 0 eBook Print Dividends Service Revenue Beg Bal References Beg Bal End Bal 0 End Bal D 0 Rent Expense Salaries Expense Beg Bal Beg Bal End Bal 0 End Bal en penise Frint Beg. Bal. Beg Bal rences End. Bal 0 0 End Bal Supplies Expense Beg Bal End Bal. 0 0 w

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

Bank Performance, Risk And Firm Financing

Authors: P. Molyneux

1st Edition

0230313353, 9780230313354

More Books

Students also viewed these Accounting questions

Question

describe and present a summary of data you have collected.

Answered: 1 week ago

Question

collect, organise and store quantitative data in an effective way;

Answered: 1 week ago