1\ Part 1 of 2\ 20\ points\ eBook\ References\ requirea inrormation\ [The following information applies to the questions displayed below.]\ Alcorn Service Company was formed on January 1, Year 1.\ Events Affecting the Year 1 Accounting Period\ Acquired

$20,000

cash from the issue of common stock.\ Purchased

$800

of supplies on account.\ Purchased land that cost

$14,000

cash.\ Paid

$800

cash to settle accounts payable created in Event 2.\ Recognized revenue on account of

$10,500

.\ Paid

$3,800

cash for other operating expenses.\ Collected

$7,000

cash from accounts receivable.\ Information for Year 1 Adjusting Entries\ Recognized accrued salaries of

$3,600

on December 31 , Year 1.\ Had

$100

of supplies on hand at the end of the accounting period.\ Events Affecting the Year 2 Accounting Period\ Acquired

$15,000

cash from the issue of common stock.\ Paid

$3,600

cash to settle the salaries payable obligation.\ Paid

$9,000

cash in advance to lease office space.\ Sold the land that cost

$14,000

for

$14,000

cash.\ Received

$6,000

cash in advance for services to be performed in the future.\ Purchased

$2,400

of supplies on account during the year.\ Provided services on account of

$24,500

.\ Collected

$12,600

cash from accounts receivable.\ Paid a cash dividend of

$2,000

to the stockholders.\ Paid other operating expenses of

$2,850

.\ Mc

requirea inrormation [The following information applies to the questions displayed below.] Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $20,000 cash from the issue of common stock. 2. Purchased $800 of supplies on account. 3. Purchased land that cost $14,000 cash. 4. Paid $800 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $10,500. 6. Paid $3,800 cash for other operating expenses. 7. Collected $7,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $3,600 on December 31 , Year 1. 9. Had $100 of supplies on hand at the end of the accounting period. Events Affecting the Year 2 Accounting Period 1. Acquired $15,000 cash from the issue of common stock. 2. Paid $3,600 cash to settle the salaries payable obligation. 3. Paid $9,000 cash in advance to lease office space. 4. Sold the land that cost $14,000 for $14,000 cash. 5. Received $6,000 cash in advance for services to be performed in the future. 6. Purchased $2,400 of supplies on account during the year. 7. Provided services on account of $24,500. 8. Collected $12,600 cash from accounts receivable. 9. Paid a cash dividend of $2,000 to the stockholders. 10. Paid other operating expenses of $2,850