The following transactions pertain to Smith Training Company for Year 1:
Jan. | 30 | Established the business when it acquired $48,000 cash from the issue of common stock. | |
Feb. | 1 | Paid rent for office space for two years, $17,400 cash. | |
Apr. | 10 | Purchased $880 of supplies on account. | |
July | 1 | Received $28,000 cash in advance for services to be provided over the next year. | |
20 | Paid $660 of the accounts payable from April 10. | ||
Aug. | 15 | Billed a customer $9,300 for services provided during August. | |
Sept. | 15 | Completed a job and received $2,600 cash for services rendered. | |
Oct. | 1 | Paid employee salaries of $31,000 cash. | |
15 | Received $8,700 cash from accounts receivable. | ||
Nov. | 16 | Billed customers $31,500 for services rendered on account. | |
Dec. | 1 | Paid a dividend of $1,100 cash to the stockholders. | |
31 | Adjusted records to recognize the services provided on the contract of July 1. | ||
31 | Recorded $2,500 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. |
b. Post the transactions to T-accounts and calculate the account balances. (Round your answers to the nearest whole dollar amount.)
|
Cash | Accounts Receivable | |||||||
Beg Bal | $ - | Beg Bal | ||||||
Jan-30 | $ 48,000 | $ 17,400 | Feb-01 | Aug-15 | $ 9,300 | $ 8,700 | Oct-15 | |
Jul-01 | $ 28,000 | $ 660 | Jul-20 | Nov-16 | $ 31,500 | |||
Sep-15 | $ 2,600 | $ 31,000 | Oct-01 | |||||
Oct-15 | $ 8,700 | $ 1,100 | Dec-01 | |||||
Ending Balance | $ 37,140 | Ending Balance | $ 32,100 | |||||
Supplies | Prepaid Rent | |||||||
Beg Bal | $ - | Beg Bal | $ - | |||||
Apr-10 | $ 880 | $ 800 | Dec-31 | Feb-01 | $ 17,400 | $ 7,975 | Dec-31 | |
Ending Balance | $ 80 | Ending Balance | $ 9,425 | |||||
Unearned Revenue | Salaries Payable | |||||||
Beg Bal | $ - | Beg Bal | ||||||
Dec-31 | $ 14,000 | $ 28,000 | Jul-01 | $ 2,500 | Dec-31 | |||
Ending Balance | $ 14,000 | Ending Balance | $ 2,500 | |||||
Accounts Payable | Common Stock | |||||||
Beg Bal | $ - | Beg Bal | $ - | |||||
Jul-20 | $ 660 | $ 880 | Apr-10 | $ 48,000 | Jan-30 | |||
Ending Balance | $ 220 | Ending Balance | $ 48,000 | |||||
Dividend | Service Revenue | |||||||
Beg Bal | Beg Bal | |||||||
Dec-01 | $ 1,100 | $ 9,300 | Aug-15 | |||||
$ 2,600 | Sep-15 | |||||||
$ 31,500 | Nov-16 | |||||||
$ 14,000 | Dec-31 | |||||||
Ending Balance | $ 1,100 | Ending Balance | $ 57,400 | |||||
Rent Expense | Supplies Expense | |||||||
Beg Bal | Beg Bal | |||||||
Dec-31 | $ 7,975 | Dec-31 | $ 800 | |||||
Ending Balance | $ 7,975 | Ending Balance | $ 800 | |||||
Salaries Expense | ||||||||
Beg Bal | ||||||||
Oct-01 | $ 31,000 | |||||||
Dec-31 | $ 2,500 | |||||||
Ending Balance | $ 33,500 |
The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business...
The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $48,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,400 cash. Apr. 10 Purchased $880 of supplies on account. July 1 Received $28,000 cash in advance for services to be provided over the next year. 20 Paid $660 of the accounts payable from April 10. Aug. 15 Billed a customer $9,300 for...
The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $48,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,400 cash. Apr. 10 Purchased $880 of supplies on account. July 1 Received $28,000 cash in advance for services to be provided over the next year. 20 Paid $660 of the accounts payable from April 10. Aug. 15 Billed a customer $9,300 for...
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...
The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $48,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,400 cash. Apr. 10 Purchased $880 of supplies on account. July 1 Received $28,000 cash in advance for services to be provided over the next year. 20 Paid $660 of the accounts payable from April 10. Aug. 15 Billed a customer $9,300 for...
The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $48,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,400 cash. Apr. 10 Purchased $880 of supplies on account. July 1 Received $28,000 cash in advance for services to be provided over the next year. 20 Paid $660 of the accounts payable from April 10. Aug. 15 Billed a customer $9,300 for...
The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $54,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $15,600 cash. Apr. 10 Purchased $790 of supplies on account. July 1 Received $30,000 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...
The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $48,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,400 cash. Apr. 10 Purchased $880 of supplies on account. July 1 Received $28,000 cash in advance for services to be provided over the next year. 20 Paid $660 of the accounts payable from April 10. Aug. 15 Billed a customer $9,300 for...
The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $48,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,400 cash. Apr. 10 Purchased $880 of supplies on account. July 1 Received $28,000 cash in advance for services to be provided over the next year. 20 Paid $660 of the accounts payable from April 10. Aug. 15 Billed a customer $9,300 for...
The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $46,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $16,100 cash. Apr. 10 Purchased $890 of supplies on account. July 1 Received $27,000 cash in advance for services to be provided over the next year. 20 Paid $668 of the accounts payable from April 10. Aug. 15 Billed a customer $9,300 for...
The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $48,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,400 cash. Apr. 10 Purchased $880 of supplies on account. July 1 Received $28,000 cash in advance for services to be provided over the next year. 20 Paid $660 of the accounts payable from April 10. Aug. 15 Billed a customer $9,300 for...