Required Information [The following information applies to the questions displayed below] The following transactions pertain to Smith Training Company for Year 1: January 30 February 1 Totals April 10 July 1 July 201 August 15 Established the business when it acquired $46,000 cash from the issue of common stock. Paid rent for office space for two years, $33,000 cash. Purchased $810 of supplies on account. Received $26,500 cash in advance for services to be provided over the next year. Paid $688 of the accounts payable from April 10. Billed a customer $9,200 for services provided during August. September 15 Completed a job and received $3,200 cash for services rendered. October 1 Paid employee salaries of $34,000 cash. October 15 Received $8,400 cash from accounts receivable. November 16 December 1 December 31 Adjusted records to recognize the services provided on the contract of July 1. December 31 Recorded $2,000 of accrued salaries as of December 31. December 31 Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; $130 was on hand at the end of the period. Prepare a post-closing trial balance for Year 1. Account Titles Billed customers $35,000 for services rendered on account. Paid a dividend of $700 cash to the stockholders. SMITH TRAINING COMPANY Post-Closing Trial Balance December 31, Year 1 Debit $ Credit 0 $ 0
Required Information [The following information applies to the questions displayed below] The following transactions pertain to Smith Training Company for Year 1: January 30 February 1 Totals April 10 July 1 July 201 August 15 Established the business when it acquired $46,000 cash from the issue of common stock. Paid rent for office space for two years, $33,000 cash. Purchased $810 of supplies on account. Received $26,500 cash in advance for services to be provided over the next year. Paid $688 of the accounts payable from April 10. Billed a customer $9,200 for services provided during August. September 15 Completed a job and received $3,200 cash for services rendered. October 1 Paid employee salaries of $34,000 cash. October 15 Received $8,400 cash from accounts receivable. November 16 December 1 December 31 Adjusted records to recognize the services provided on the contract of July 1. December 31 Recorded $2,000 of accrued salaries as of December 31. December 31 Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; $130 was on hand at the end of the period. Prepare a post-closing trial balance for Year 1. Account Titles Billed customers $35,000 for services rendered on account. Paid a dividend of $700 cash to the stockholders. SMITH TRAINING COMPANY Post-Closing Trial Balance December 31, Year 1 Debit $ Credit 0 $ 0
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter3: Processing Accounting Information
Section: Chapter Questions
Problem 3.15MCE: Journal Entries Following is a list of transactions entered into during the first month of...
Related questions
Question
Vishu
![Required Information
[The following information appiles to the questions displayed below]
The following transactions pertain to Smith Training Company for Year 1:
January 30
February 1
April 10
July 1
July 201
August 15
Totals
Established the business when it acquired $46,000 cash from the issue of common stock.
Paid rent for office space for two years, $33,000 cash.
Purchased $810 of supplies on account.
Received $26,500 cash in advance for services to be provided over the next year.
Paid $688 of the accounts payable from April 10.
Billed a customer $9,200 for services provided during August.
September 15 Completed a job and received $3,200 cash for services rendered.
October 1
Paid employee salaries of $34,000 cash.
October 15
Received $8,400 cash from accounts receivable.
Billed customers $35,000 for services rendered on account.
Paid a dividend of $788 cash to the stockholders.
November 16
December 1
December 31
December 31
December 31
December 31
Prepare a post-closing trial balance for Year 1.
Account Titles
Adjusted records to recognize the services provided on the contract of July 1.
Recorded $2,000 of accrued salaries as of December 31.
Recorded the rent expense for the year. (See February 1.)
Physically counted supplies; $130 was on hand at the end of the period.
SMITH TRAINING COMPANY
Post-Closing Trial Balance
December 31, Year 1
$
Debit
Credit
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9ff68910-5a81-4d9a-a638-969da477fb6f%2F873525ae-b351-4487-bd78-3bebfc86fa67%2Ft5ey8t8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information appiles to the questions displayed below]
The following transactions pertain to Smith Training Company for Year 1:
January 30
February 1
April 10
July 1
July 201
August 15
Totals
Established the business when it acquired $46,000 cash from the issue of common stock.
Paid rent for office space for two years, $33,000 cash.
Purchased $810 of supplies on account.
Received $26,500 cash in advance for services to be provided over the next year.
Paid $688 of the accounts payable from April 10.
Billed a customer $9,200 for services provided during August.
September 15 Completed a job and received $3,200 cash for services rendered.
October 1
Paid employee salaries of $34,000 cash.
October 15
Received $8,400 cash from accounts receivable.
Billed customers $35,000 for services rendered on account.
Paid a dividend of $788 cash to the stockholders.
November 16
December 1
December 31
December 31
December 31
December 31
Prepare a post-closing trial balance for Year 1.
Account Titles
Adjusted records to recognize the services provided on the contract of July 1.
Recorded $2,000 of accrued salaries as of December 31.
Recorded the rent expense for the year. (See February 1.)
Physically counted supplies; $130 was on hand at the end of the period.
SMITH TRAINING COMPANY
Post-Closing Trial Balance
December 31, Year 1
$
Debit
Credit
$
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
