The following information is from the records of attorney Glenn Price. Write a brief explanation of the accounting event represented in each of the general journal entries.

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Date Account Titles Deblt Credit 40,000 Jan. Cash Common Stock 40,000 24,000 Feb. 1 Cash Service Revenue 24,000 Prepaid Rent Mar. 1 1,600 Cash 1,600 Apr. 1 Accounts Receivable 48,000 48,000 Service Revenue May 1 Supplies 2,000 Cash 2,000 June 10 Cash 8,000 Unearned Revenue 8,000 July 10 Cash 8,800 Accounts Receivable 8,800 Aug. 1 Salaries Expense Cash 4,000 4,000 Oct. 1 Dividends 2,000 Cash 2,000 Nov. 1 Property Tax Expense 3,000 3,000 Cash Dec. 31 Rent Expense Prepaid Rent 4,400 4,400 31 Unearned Revenue 2,240 Service Revenue 2,240 31 Supplies Expense Supplies 800 800