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 Established the business when it acquired $47,000 cash from the issue of common stock. Paid rent for office space for two years, $24,000 cash. Purchased $700 of supplies on account. Received $28,500 cash in advance for services to be provided over the next year. Paid $525 of the accounts payable from April 10. Billed a customer $9,700 for services provided during August. Completed a job and received $3,400 cash for services rendered. Paid employee salaries of $36,000 cash. Received $9,000 cash from accounts receivable. Billed customers $36,000 for services rendered on account. Paid a dividend of $1,200 cash to the stockholders. December 1 December 31 December 31 December 31 Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,400 of accrued salaries as of December 31. Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; $70 was on hand at the end of the period. Problem 13-33A (Algo) Part c c. Prepare a trial balance. SMITH TRAINING COMPANY Trial Balance December 31, Year 1 Account Titles Cash Accounts receivable Prepaid rent Supplies Accounts payable Salaries payable Unearned revenue Common stock Dividends Service revenue Salaries expense Rent expense Supplies expense Totals Debit Credit $ 0 $ 0
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 Established the business when it acquired $47,000 cash from the issue of common stock. Paid rent for office space for two years, $24,000 cash. Purchased $700 of supplies on account. Received $28,500 cash in advance for services to be provided over the next year. Paid $525 of the accounts payable from April 10. Billed a customer $9,700 for services provided during August. Completed a job and received $3,400 cash for services rendered. Paid employee salaries of $36,000 cash. Received $9,000 cash from accounts receivable. Billed customers $36,000 for services rendered on account. Paid a dividend of $1,200 cash to the stockholders. December 1 December 31 December 31 December 31 Adjusted records to recognize the services provided on the contract of July 1. Recorded $2,400 of accrued salaries as of December 31. Recorded the rent expense for the year. (See February 1.) December 31 Physically counted supplies; $70 was on hand at the end of the period. Problem 13-33A (Algo) Part c c. Prepare a trial balance. SMITH TRAINING COMPANY Trial Balance December 31, Year 1 Account Titles Cash Accounts receivable Prepaid rent Supplies Accounts payable Salaries payable Unearned revenue Common stock Dividends Service revenue Salaries expense Rent expense Supplies expense Totals 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
Am. 1114.
Transcribed Image Text: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
Established the business when it acquired $47,000 cash from the issue of common stock.
Paid rent for office space for two years, $24,000 cash.
Purchased $700 of supplies on account.
Received $28,500 cash in advance for services to be provided over the next year.
Paid $525 of the accounts payable from April 10.
Billed a customer $9,700 for services provided during August.
Completed a job and received $3,400 cash for services rendered.
Paid employee salaries of $36,000 cash.
Received $9,000 cash from accounts receivable.
Billed customers $36,000 for services rendered on account.
Paid a dividend of $1,200 cash to the stockholders.
December 1
December 31
December 31
December 31
Adjusted records to recognize the services provided on the contract of July 1.
Recorded $2,400 of accrued salaries as of December 31.
Recorded the rent expense for the year. (See February 1.)
December 31
Physically counted supplies; $70 was on hand at the end of the period.
Problem 13-33A (Algo) Part c
c. Prepare a trial balance.
SMITH TRAINING COMPANY
Trial Balance
December 31, Year 1
Account Titles
Cash
Accounts receivable
Prepaid rent
Supplies
Accounts payable
Salaries payable
Unearned revenue
Common stock
Dividends
Service revenue
Salaries expense
Rent expense
Supplies expense
Totals
Debit
Credit
$
0 $
0
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
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