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Alcorn Service Company was formed on January 1 , Year 1 . Events Affecting the Year 1 Accounting Period Acquired $ 6 1 , 0
Alcorn Service Company was formed on January Year
Events Affecting the Year Accounting Period
Acquired $ cash from the issue of common stock.
Purchased $ of supplies on account.
Purchased land that cost $ cash.
Paid $ cash to settle accounts payable created in Event
Recognized revenue on account of $
Paid $ cash for other operating expenses.
Collected $ cash from accounts receivable.
Information for Year Adjusting Entries
Recognized accrued salaries of $ on December Year
Had $ of supplies on hand at the end of the accounting period.
Events Affecting the Year Accounting Period
Acquired $ cash from the issue of common stock.
Paid $ cash to settle the salaries payable obligation.
Paid $ cash in advance to lease office space.
Sold the land that cost $ for $ cash.
Received $ cash in advance for services to be performed in the future.
Purchased $ of supplies on account during the year.
Provided services on account of $
Collected $ cash from accounts receivable.
Paid a cash dividend of $ to the stockholders.
Paid other operating expenses of $
Information for Year Adjusting Entries
The advance payment for rental of the office space see Event was made on March for a oneyear term.
The cash advance for services to be provided in the future was collected on October see Event The oneyear contract started on October
Had $ of supplies remaining on hand at the end of the period.
Recognized accrued salaries of $ at the end of the accounting period.
Recognized $ of accrued interest revenue.
Required:
Identify each event affecting the Year and Year accounting periods as asset source AS asset use AU asset exchange AE or claims exchange CE Record the effects of each event under the appropriate general ledger account headings of the accounting equation.
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