Question

Required information Problem 3-32A Comprehensive problem: single cycle LO 3-1, 3-2, 3-3, 3-4 [The following information applies to the questions displayed below) The following transactions pertain to Smith Training Company for Year 1: ed Jan. 30 Established the business when it acquired $45,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $24,000 cash. Apr. 10 Purchased $3,200 of supplies on account. July 1 Received $24,000 cash in advance for services to be provided over the next year. 20 Paid $1,500 of the accounts payable from April 10. Aug. 15 Billed a customer $18,000 for services provided during August. Sept. 15 Completed a job and received $8,400 cash for services rendered. Oct. 1 Paid employee solaries of $12,000 cash. 15 Received $15,000 cash from accounts receivable. Nov. 16 Billed customers $42,000 for services rendered on account. Dec. 1 Paid a dividend of $15,000 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $3,600 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; $280 was on hand at the end of the period. nces Problem 3-32A Part a Required a. Record the preceding transactions in the general Journal, in the given order (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 15 > Established the business when it acquired $45,000 cash from the issue of common stock.

Answer 1

DATE	PARTICULARS	DEBIT ($)	CREDIT ($)
Jan 30	Cash	45,000
	Common Stock Account		45,000
	(common stock issues)
Feb1	Prepaid Rent	24,000
	Cash		24,000
	(rent paid for 2 years)
Apr10	Supplies	3,200
	Accounts Payable		3,200
	(supplies on account)
Jul1	Cash	24,000
	Unearned Revenue		24,000
	(advance from client)
Jul20	Accounts Payable	1,500
	Cash		1,500
	(creditors paid)
Aug 15	Accounts Receivable	18,000
	Service Revenue		18,000
	(services on account)
Sept15	Cash	8,400
	Service Revenue		8,400
	(services provided for cash)
Oct1	Salaries	12,000
	Cash		12,000
	(salaries paid)
Oct15	Cash	15,000
	Account Receivables		15,000
	(cash debtors)
Nov16	Accounts Receivables	42,000
	Service Revenue		42,000
	(services on account)
Dec1	Dividend	15,000
	Cash		15,000
	(dividend paid)
	ADJUSTING ENTRIES
Dec31	Unearned Revenue	12,000
	Service Revenue (24,000*6/12)		12,000
	(revenue recognized)
Dec31	Salaries	3,600
	Salaries Payable		3,600
	(salaries accrued)
Dec31	Rent (24,000*11/24)	11,000
	Prepaid Rent		11,0000
	(rent expensed)
Dec31	Supplies Expense (3200-280)	2,920
	Supplies		2,920
	(supplies expensed)

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