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
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
$
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 $
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