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The following transactions pertain to Smith Training Company for Year 1: ...

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Accounting

The following transactions pertain to Smith Training Company for Year 1:
Jan. 30 Established the business when it acquired $52,000 cash from the issue of common stock.
Feb. 1 Paid rent for office space for two years, $27,000 cash.
Apr. 10 Purchased $880 of supplies on account.
July 1 Received $27,500 cash in advance for services to be provided over the next year.
20 Paid $660 of the accounts payable from April 10.
Aug. 15 Billed a customer $9,100 for services provided during August.
Sept. 15 Completed a job and received $3,500 cash for services rendered.
Oct. 1 Paid employee salaries of $31,500 cash.
15 Received $7,500 cash from accounts receivable.
Nov. 16 Billed customers $31,500 for services rendered on account.
Dec. 1 Paid a dividend of $500 cash to the stockholders.
31 Adjusted records to recognize the services provided on the contract of July 1.
31 Recorded $2,350 of accrued salaries as of December 31.
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.
f. Prepare a post-closing trial balance for Year 1.

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