Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period Acquired $75,000 cash from the issue of common stock. Purchased $4,200 of supplies on account. Purchased land that cost $48,000 cash. Paid $4,200 cash to settle accounts payable created in Event 2. Recognized revenue on account of $72,000. Paid $36,000 cash for other operating expenses. Collected $53,000 cash from accounts receivable. Information for Year 1 Adjusting Entries Recognized accrued salaries of $4,700 on December 31, Year 1. Had $1,700 of supplies on hand at the end of the accounting period. Events