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, $15,500 cash. Apr. 10 Purchased $780 of supplies on account. July 1 Received $25,500 cash in advance for services to be provided over the next year. 20 Paid $585 of the accounts payable from April 10. Aug. 15 Billed a customer $9,400 for services provided during August Sept.15 Completed a job and received $2,600 cash for services rendered. Oct. 1 Paid employee salaries of $36,500 cash. 15 Received $8,500 cash from accounts receivable Nov. 16 Billed customers $39,000 for services rendered on account. Dec. 1 Paid a dividend of $800 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,100 of accrued salaries as of December 31 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; $100 was on hand at the end of the period. SMITH TRAINING COMPANY Trial Balance December 31, Year 1 Account Titles Debit Credit Cash Accounts receivable Prepaid rent Totals For the Year Ended December 31, Year 1 Income Statement Expenses Total expenses Statement of Changes in Stockholders' Equity Total Stockholders' Equity Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity SMITH TRAINING COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flows from financing activities Ending cash balance Journal entry worksheet 2 Record the closure of service revenue. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet 2 Record the closure of expenses account. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet Record the payment of Dividends. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Cash Accounts Receivable Beg. Bal End. Bal Beg. Bal End. Bal Prepaid Rent Supplies Beg. Bal End. Bal Beg. Bal End. Bal Accounts Payable Unearned Revenue Beg. Bal End. Bal Beg. Bal End. Bal Salaries Payable Common Stock Beg. Bal End. Bal Beg. Bal End. Bal Retained Earnings Dividends Beg. Bal CI Cl End. Bal Beg. Bal Cl Cl End. Bal Service Revenue Salaries Expense Beg. Bal CI End. Bal Beg. Bal Cl End. Bal SMITH TRAINING COMPANY Post-Closing Trial Balance December 31, Year 1 Account Titles Debit Credit Totals