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The following transactions pertain to Smith Training Company for Year 1: January 30 Established the business when it acquired $45,000 cash from the issue of

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The following transactions pertain to Smith Training Company for Year 1: January 30 Established the business when it acquired $45,000 cash from the issue of common stock. February 1 Paid rent for office space for two years, $24,000 cash. April 19 Purchased $3,200 of supplies on account. July 1 Received $24,000 cash in advance for services to be provided over the next year. July 20 Paid $1,500 of the accounts payable from April 10. August 15 Billed a customer $18,000 for services provided during August. September 15 Completed a job and received $8,400 cash for services rendered. October 1 Paid employee salaries of $12,000 cash. October 15 Received $15,000 cash from accounts receivable. November 16 Billed customers $42,000 for services rendered on account. December 1 Paid a dividend of $15,000 cash to the stockholders. December 31 Adjusted records to recognize the services provided on the contract of July 1. December 31 Recorded $3,600 of accrued salaries as of December 31. December 31 Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; $280 was on hand at the end of the period. Required a. Record the preceding transactions in the general journal. b. Post the transactions to T-accounts. (You will also post the closing entries in RegE to these T-accounts.) c. Prepare an adjusted Trial Balance d-1. Prepare an income statement for Year 1. d-2. Prepare a statement of changes in stockholders' equity for Year 1. d-3. Prepare a balance sheet for Year 1. d-4. Prepare a statement of cash flows for Year 1. e. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general Journal f. Prepare a post-closing trial balance for December 31, Year 1 Juunlai enly WOI KHEEL 5 6 8 7 15 3 4. SMITH TRAINING COMPANY Trial Balance December 31, Year 1 Account Titles Debit Credit Totals $ $ 0 Complete this question by entering your answers in the tabs below. Reg A Req B Reqc Reg D1 Reg D2 Reg D3 F Prepare an income statement for Year 1. SMITH TRAINING COMPANY Income Statement For the Year Ended December 31, Year 1 Expenses Total expenses S 0 Reqc Reg D2 Reg A F Req B Reg C Req D1 Reg D2 Reg D3 Req D4 Prepare a statement of changes in stockholders' equity for Year 1. SMITH TRAINING COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31. Year 1 0 S Total Stockholders Equity 0 Rre of it Nex SMITH TRAINING COMPANY Balance Sheet As of December 31, Year 1 Assets Book Print erences Total assets Liabilities 0 Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders equity Oo S Prepare a statement of cash flows for Year 1. (Enter cash outflows with a minus sign.) SMITH TRAINING COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: 0 Net cash flow from operating activities Cash flows from investing activities aces $ 0 Net cash flow from investing activities Cash flows from financing activities: Net cash flow from financing activities 0 $ 0 Ending cash balance Sd LONG!) Journal entry worksheet Prey 1 of 1 Nex > Credit Post-Closing Trial Balance December 31, Year 1 Account Titles Debit Cash $ 39,900 Accounts receivable 45,000 Prepaid rent 13,000 Supplies Accounts payable Unearned revenue Salaries payable Common stock (Retained earnings Totals $ 98,800 $ 0

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