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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

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, $15,600 cash.
Apr. 10 Purchased $790 of supplies on account.
July 1 Received $30,000 cash in advance for services to be provided over the next year.
20 Paid $593 of the accounts payable from April 10.
Aug. 15 Billed a customer $10,200 for services provided during August.
Sept. 15 Completed a job and received $3,300 cash for services rendered.
Oct. 1 Paid employee salaries of $36,500 cash.
15 Received $9,500 cash from accounts receivable.
Nov. 16 Billed customers $38,500 for services rendered on account.
Dec. 1 Paid a dividend of $600 cash to the stockholders.
31 Adjusted records to recognize the services provided on the contract of July 1.
31 Recorded $2,200 of accrued salaries as of December 31.
31 Recorded the rent expense for the year. (See February 1.)
31 Physically counted supplies; $110 was on hand at the end of the period.

c. Prepare a trial balance.

e. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal and post to the T-accounts.

f. Prepare a post-closing trial balance for Year 1.

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