Alpha Services, a consulting firm, commenced operations on January 1, Year 1. Below are the first year’s transactions:

Transaction #	Date	Transaction Description	Amount
1	Jan 1, Y1	Received cash investment from owner	$60,000
2	Jan 20, Y1	Paid rent for office space	$6,000
3	Feb 15, Y1	Purchased office supplies on account	$3,500
4	Mar 10, Y1	Paid cash for employee salaries	$20,000
5	Apr 5, Y1	Paid cash for advertising	$2,500
6	May 20, Y1	Provided consulting services on account	$45,000
7	Jul 30, Y1	Collected cash from accounts receivable	$30,000
8	Dec 31, Y1	Paid cash for utilities	$1,200

Required:

1. Prepare the journal entries for each transaction.
2. Prepare the statement of cash flows for the year ended December 31, Year 1.