Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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, $17,400 cash. | |
Apr. | 10 | Purchased $880 of supplies on account. | |
July | 1 | Received $28,000 cash in advance for services to be provided over the next year. | |
20 | Paid $660 of the accounts payable from April 10. | ||
Aug. | 15 | Billed a customer $9,300 for services provided during August. | |
Sept. | 15 | Completed a job and received $2,600 cash for services rendered. | |
Oct. | 1 | Paid employee salaries of $31,000 cash. | |
15 | Received $8,700 cash from accounts receivable. | ||
Nov. | 16 | Billed customers $31,500 for services rendered on account. | |
Dec. | 1 | Paid a dividend of $1,100 cash to the stockholders. | |
31 | Adjusted records to recognize the services provided on the contract of July 1. | ||
31 | Recorded $2,500 of accrued salaries as of December 31. | ||
31 | Recorded the rent expense for the year. (See February 1.) | ||
31 | Physically counted supplies; $80 was on hand at the end of the period. |
c. Prepare a trial balance. (Round your final answers to the nearest whole dollar amount.)
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started