Question

HW 6 Help Save & Exits Check my w Required information 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, $16,400 cash. Apr. 10 Purchased $790 of supplies on account. July 1 Received $29,500 cash in advance for services to be provided over the next year. 20 Paid $593 of the accounts payable from April 10. Aug. 15 Billed a customer $10,200 for services provided during August. Sept. 15 Completed a job and received $2,800 cash for services rendered. Oct. 1 Paid employee salaries of $31,000 cash. 15 Received $8,400 cash from accounts receivable. Nov. 16 Billed customers $39,500 for services rendered on account. Dec. Paid a dividend of $1,300 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,350 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; $140 was on hand at the end of the period. c. Prepare a trial balance. (Round your final answers to the nearest whole dollar amount.) SMITH TRAINING COMPANY Trial Balance December 31, Year 1 Account Titles Debit Credit < Prev 14 15 16 17 of 24 Next >

Answer 1

Answer:

SMITH TRAINING COMPANY
Trial Balance
December 31, Year 1
Account Titles	Debit	Credit
Cash	$43,407
Accounts receivable	$41,300
Prepaid rent	$8,883
Supplies	$140
Accounts payable		$197
Salaries payable		$2,350
Unearned revenue		$14,750
Common stock		$52,000
Dividends	$1,300
Service revenue		$67,250
Salaries expense	$33,350
Rent expense	$7,517
Supplies expense	$650
Total	$136,547	$136,547

Calculations:

SMITH TRAINING COMPANY
Trial Balance
December 31, Year 1
Account Titles	Debit	Credit
Cash	52000-16400+29500-593+2800-31000+8400-1300
Accounts receivable	10200-8400+39500
Prepaid rent	16400-7517
Supplies	790-650
Accounts payable		790-593
Salaries payable		2350
Unearned revenue		29500-14750
Common stock		52000
Dividends	1300
Service revenue		10200+2800+39500+14750
Salaries expense	31000+2350
Rent expense [16,400 x (11/24)]	7517
Supplies expense [790-140]	650