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 $48,000 cash from the issue of common stock.
Feb. 1 Paid rent for office space for two years, $27,000 cash.
Apr. 10 Purchased $850 of supplies on account.
July 1 Received $26,000 cash in advance for services to be provided over the next year.
20 Paid $638 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 $3,400 cash for services rendered.
Oct. 1 Paid employee salaries of $38,000 cash.
15 Received $7,700 cash from accounts receivable.
Nov. 16 Billed customers $30,000 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 $2,150 of accrued salaries as of December 31.
31 Recorded the rent expense for the year. (See February 1.)
31 Physically counted supplies; $110 was on hand at the end of the period.
Required
a. Record the preceding transactions in the general journal, in the given order. (If no entry is required for a
transaction/event, select "No journal entry required" in the first account field.)
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