Alcorn Service Company was formed on January 1, Year 1. 12 Events Affecting the Year 1 Accounting Period 1. Acquired $65,000 cash from the issue of common stock. 2. Purchased $2,200 of supplies on account. 3. Purchased land that cost $28,000 cash. 4. Paid $2,200 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $52,000. 6. Paid $26,000 cash for other operating expenses 7. Collected $43,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $3,700 on December 31, Year 1. 9. Had $700 of supplies on hand at the end of the accounting period, ces Events Affecting the Year 2 Accounting Period 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $3,700 cash to settle the salaries payable obligation 3. Paid $5,100 cash in advance to lease office space. 4. Sold the land that cost $28,000 for $28,000 cash. 5. Received $6,300 cash in advance for services to be performed in the future. 6. Purchased $1,500 of supplies on account during the year 7. Provided services on account of $37.000. 8. Collected $38,000 cash from accounts receivable. 9. Paid a cash dividend of $4,000 to the stockholders. S