[The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $52,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $33,000 cash. Apr. 10 Purchased $830 of supplies on account. July 1 Received $21,500 cash in advance for services to be provided over the next year. 20 Paid $623 of the accounts payable from April 10. Aug. 15 Billed a customer $9,400 for services provided during August. Sept.15 Completed a job and received $2,700 cash for services rendered. 1 Paid employee salaries of $34,000 cash. 15 Received $9,100 cash from accounts receivable. Nov. 16 Billed customers $31,500 for services rendered on account. 1 Paid a dividend of $1,500 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,150 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. Oct. Dec.
[The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $52,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $33,000 cash. Apr. 10 Purchased $830 of supplies on account. July 1 Received $21,500 cash in advance for services to be provided over the next year. 20 Paid $623 of the accounts payable from April 10. Aug. 15 Billed a customer $9,400 for services provided during August. Sept.15 Completed a job and received $2,700 cash for services rendered. 1 Paid employee salaries of $34,000 cash. 15 Received $9,100 cash from accounts receivable. Nov. 16 Billed customers $31,500 for services rendered on account. 1 Paid a dividend of $1,500 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,150 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. Oct. Dec.
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...
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