Reference no: EM133124134
Question - All of my answers but it shows as INCOMPLETE issue ONLY: I need attention in completing the incomplete sections the following transactions pertain to Smith Training Company for Year 1:
January 30 Established the business when it acquired $54,000 cash from the issue of common stock.
February 1 Paid rent for office space for two years, $16,400 cash.
April 10 Purchased $770 of supplies on account.
July 1 Received $29,500 cash in advance for services to be provided over the next year.
July 20 Paid $578 of the accounts payable from April 10.
August 15 Billed a customer $9,700 for services provided during August.
September 15 Completed a job and received $3,100 cash for services rendered.
October 1 Paid employee salaries of $37,500 cash.
October 15 Received $7,600 cash from accounts receivable.
November 16 Billed customers $32,000 for services rendered on account.
December 1 Paid a dividend of $1,000 cash to the stockholders.
December 31 Adjusted records to recognize the services provided on the contract of July 1.
December 31 Recorded $2,300 of accrued salaries as of December 31.
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.
Required -
a. Record the preceding transactions in the general journal.
b. Post the transactions to T-accounts. (You will also post the closing entries in Req E to these T-accounts.)
c. Prepare an adjusted Trial Balance.
d-1. Prepare an income statement for Year 1.
d-2. Prepare a statement of changes in stockholders' equity for Year 1.
d-3. Prepare a balance sheet for Year 1.
d-4. Prepare a statement of cash flows for Year 1.
e. Record the entries to close the Year 1 temporary accounts to Retained Earnings in the general journal and post to the T-accounts.
f. Prepare a post-closing trial balance for December 31, Year 1.