Alcorn Service Company was formed on January $1,$ Year $1.$

Events Affecting the Year $1$ Accounting Period

Acquired $$66,000$ cash from the issue of common stock.

Purchased $$2,400$ of supplies on account.

Purchased land that cost $$30,000$ cash.

Paid $$2,400$ cash to settle accounts payable created in Event $2.$

Recognized revenue on account of $$54,000.$

Paid $$27,000$ cash for other operating expenses.

Collected $$44,000$ cash from accounts receivable.