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The following transactions pertain to Smith Training Company for Year 1: January 30 February 1 April 10 July 1 July 20 August 15 September
The following transactions pertain to Smith Training Company for Year 1: January 30 February 1 April 10 July 1 July 20 August 15 September 15 October 1 October 15 November 16 December 1 December 31 December 31 December 31 December 31 Established the business when it acquired $52,000 cash from the issue of common stock. Paid rent for office space for two years, $27,000 cash. Purchased $870 of supplies on account. Received $21,500 cash in advance for services to be provided over the next year. Paid $653 of the accounts payable from April 10. Billed a customer $10,000 for services provided during August. Completed a job and received $3,300 cash for services rendered. Paid employee salaries of $37,000 cash. Received $8,500 cash from accounts receivable. Billed customers $34,000 for services rendered on account. Paid a dividend of $1,500 cash to the stockholders. Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,100 of accrued salaries as of December 31. Recorded the rent expense for the year. (See February 1.) Physically counted supplies%; $110 was on hand at the end of the period. b. Post the transactions to T-accounts and calculate the account balances. Beginning Balance 1/30 Answer is not complete. Cash Accounts Receivable Debit Credit Debit Credit Beginning Balance 52,000 Ending Balance 0 0
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