3 5 ponts Events Affecting the Year 2 Accounting Period 1. Acquired $20,000 cash from the issue of common stock 2. Pald $3,200 cash to settle the salaries payable obligation 3. Paid $3,600 cash in advance to lease office space 4. Sold the land that cost $18,000 for $18,000 cash 5. Received $4,800 cash in advance for services to be performed in the future 6. Purchased $1000 of supplies on account during the year 7. Provided services on account of $32.000 8. Collected $33,000 cash from accounts receivable 9. Paid a cash dividend of $5,000 to the stockholders 10. Paid other operating expenses of $19.500 Information for Year 2 Adjusting Entries 11 The advance payment for rental of the office space (see vent 3) was made on March 1 for a one-year term 12. The cash advance for services to be provided in the future was collected on October 1 (see Event 5). The one-year contract started on October 1 13. Had $300 of supplies remaining on and of the end of the period 14 Recognized occrued solaries of $3.000 at the end of the accounting period Required a. Identify each event affecting the Year 1 and Year 2 accounting periods as asset source (AS) asset use (AU), asset exchange (AE). claims exchange (CE) Record the effects of each evet under the appropriate account headings of the accounting equation b. Prepare an income statement statement of changes in stockholders equity, balance sheet and statement of cash flows for Year and Year 2 Complete this question by entering your answers in the tabs below. 3 Identify each event affecting the Year 2 accounting periods as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Record the effects of each event unde account headings of the accounting equation (Enter any decreases to account balances with a minus sian) ALCORN SERVICLOMPANY Accounting Equation for Year 2 Type Event Assets Supplies Event Cash 57.800 Land Accounts Receivable 4000 Prepaid Rent Accounts Payable 0 Liabilities Salaries Payable 3200 Unearned Revenue 18.000 Stockholders' Equity Common Retained Stock Earnings 60,000 Ral 1,400 18000 Book 1 + 2 + 3 P 4 + + 5 6 7 + 10 11 12 13 14 57 300 4000 1400 18.000 a 3,200 18.000 60,000