Do not provide answer in image format Required informationThe following information applies to the questions displayed below]The following transactions pertain to Smith Training Company for Year 1:Jan. 39 Established the business when it acquired $54,000 cash from the issue of common stock.Feb. 1 Paid rent for office space for Iwo years, 338, 60 cashApr. 19 Purchased $758 of supplies on account.July1 Received $21,800 cash in advance for services to be provided over the next year.29 Paid $563 of the accounts payable from April 10.Aug. 15 Billed a customer $9,108 for services provided during August.Sept. 15 Completed a job and received $2,800 cash for services rendered.Oct. 1 Paid employee salaries of $30, 500 cash.15 Received 87, 880 cash from accounts receivable.Nov. 16 Billed customers $33,508 for services rendered on account.Dec.d. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Year 1.Statement of Cash Flows only, enter any decreases to account balances and cash outflows with a minus sign.)ExpensesIncome Statement1 Paid a dividend of $700 cash to the stockholders.31 Adjusted records to recognize the services provided on the contract of July 1.31 Recorded $2,850 of accrued salaries as of December 31.31 Recorded the rent expense for the year. (See February 1.)31 Physically counted supplies; 368 was on hand at the end of the period.Total expensesAssetsStatement of Changes in Stockholders' EquityTotal assetsTotal Stockholders EquityLiabilitiesSMITH TRAINING COMPANYFinancial StatementsFor the Year Ended December 31, Year 1Total liabilitiesStockholders' EquitySMITH TRAINING COMPANYBalance SheetAs of December 31, Year 1Total stockholders' equityTotal abilities and stockholders equitySMITH TRAINING COMPANYStatement of Cash FlowsFor the Year Ended December 31, Year 1Cash flows from operating activitiesNet cash flows from operating activitiesCash flows from investing activitiesCash flows from financing activities:Ending cash balanceNet cash flows from financing activitiesSS5DS00S00000000

Every company maintains its records under which it prepares financial statements which include…

The following transactions pertain to Smith Training Company for Year 1: Jan. 38 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, $30,000 cash. Apr. 18 Purchased $750 of supplies on account. July 1 Received $21,800 cash in advance for services to be provided over the next year. 29 Paid 5563 of the accounts payable from April 10. Aug. 15 8111ed a customer $9,108 for services provided during August. Sept.15 Completed a job and received $2,800 cash for services rendered. Oct. 1 Paid employee salaries of $30, see cash. 15 Received $7,880 cash from accounts receivable. Nov. 16 Billed customers $33,508 for services rendered on account. Dec. 1 Paid a dividend of $700 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2, ese of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; 368 was on hand at the end of the period.

The following transactions pertain to Smith Training Company for Year 1: Jan. 38 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, $30,000 cash. Apr. 18 Purchased $750 of supplies on account. July 1 Received $21,800 cash in advance for services to be provided over the next year. 29 Paid 5563 of the accounts payable from April 10. Aug. 15 8111ed a customer $9,108 for services provided during August. Sept.15 Completed a job and received $2,800 cash for services rendered. Oct. 1 Paid employee salaries of $30, see cash. 15 Received $7,880 cash from accounts receivable. Nov. 16 Billed customers $33,508 for services rendered on account. Dec. 1 Paid a dividend of $700 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2, ese of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) 31 Physically counted supplies; 368 was on hand at the end of the period.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section: Chapter Questions

Problem 3AP

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