90.2K

Verified Solution

Link Copied!

please help trail balance

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 $53,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,100 cash. Apr. 10 Purchased $870 of supplies on account. July 1 Received $30,000 cash in advance for services to be provided over the next year. 20 Paid $653 of the accounts payable from April 10. Aug. 15 Billed a customer $9,600 for services provided during August. Sept. 15 Completed a job and received $3,400 cash for services rendered. Oct. 1 Paid employee salaries of $32,500 cash. 15 Received $7,500 cash from accounts receivable. Nov. 16 Billed customers $37,500 for services rendered on account. Dec. 1 Paid a dividend of $1,200 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,450 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies: $150 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 Totals $ 0 $ 0

Answer & Explanation Solved by verified expert

See Answer