Required information The following information applies to the questions displayed below The following transactions pertain...
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Required information The following information applies to the questions displayed below The following transactions pertain to Smith Training Company for Year t: lished the business when it acquired $47,000 cash from the issue of common stock. Peb. 1 Paid rent for office space for two years, s15,100 cash. Apr. 10 Purchased $850 of supplies on account. July 1 Received $20, 500 cash in advance for services to be provided over the next year. 20 Paid $638 of the accounts payable from April 1o. Aug. 15 Billed a customer $10,000 for services provided during August. Sept. 15 Completed a job and received $2,900 cash for services rendered. Oct. 1 Paid employee salaries of $31,000 cash. 15 Received $8,200 cash from accounts receivable. Nov. 16 Billed customers $33,500 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 3 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
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